OPEC+ to Increase Oil Production Quota by 188,000 bpd Starting August

OPEC+ countries on Sunday agreed to increase the maximum oil production quota by 188,000 barrels per day (bpd) in August from July levels, according to a statement released after a virtual meeting. The decision was announced following a meeting attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, which reviewed global market conditions and prospects. In their collective commitment to supporting market stability, the seven participating countries decided to implement a production adjustment of 188,000 bpd from the additional voluntary adjustments announced in April 2023, the statement said, adding that the adjustment will be applied in August. The voluntary production cuts of 1.65 million bpd were first announced in April 2023 and have since been extended until the end of 2026. Sunday’s decision marks the fifth consecutive month that OPEC+ has increased its production, despite the United Arab Emirates’ exit from OPEC and the broader OPEC+ alliance on 1 May. According to the statement, the seven countries will flexibly adjust their production in line with changing market conditions. They will meet again on 2 August to decide on further steps for September.