OPEC+ states to discuss increasing oil production in September

Eight OPEC+ members will likely approve another oil output hike on Sunday, sources said, with the group still debating the final size of the increase for September.

OPEC+ could boost output by as much as 548,000 barrels per day in September - similar to what it did in August.

Since the beginning of 2024, eight OPEC+ countries (Russia, Saudi Arabia, Iraq, the UAE, Kazakhstan, Algeria, Oman and Kuwait) have voluntarily reduced oil production by a total of 2.2 mln barrels per day (mbd). Since April 2025, those countries have gradually started to return the reduced barrels to the market.

The volume of production increase amounted to 138,000 bpd in April, and 411,000 bpd for each month from May to July.

For August, the eight countries agreed to increase production by 548,000 bpd at once, which is equivalent to the original plan to boost production in four months. OPEC+ emphasized that the decision was made against the backdrop of the current stable fundamental factors on the oil market reflected in low global reserves.