OPEC+’s 8 members to increase output by 547,000 bpd in September

The eight members of the OPEC+ group, comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, agreed to raise oil production by 547,000 barrels per day (bpd) in September compared to August levels, according to an OPEC statement on Sunday.

The output rise is part of a gradual and flexible rollback of 2.2 million bpd in voluntary cuts, which began on April 1. The 547,000 bpd increase corresponds to four monthly increments outlined in the group’s production plan, the oil producers’ group said.

Citing a steady global economic outlook and current healthy market fundamentals as reflected in the low oil inventories, the group said:”The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions.”

This flexibility aims to maintain oil market stability, it added.

The next meeting of the eight-member OPEC+ group is scheduled for Sept. 7 to decide on October’s production levels.

• OPEC+ group