Russia, Saudi Arabia and 6 other states agree to increase oil output

The eight leading OPEC+ nations, including Russia and Saudi Arabia, have decided to increase oil production by 137,000 barrels a day in view of the favorable market outlook, the OPEC said after the OPEC+ meeting.

"The eight participating countries decided to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023," the statement reads.

The decision was made in view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories.

Now, Russia’s production quota is 9.491 million barrels per day, Saudi Arabia’s - 10.02 million barrels per day, Iraq’s - 4.237 million barrels per day, Kuwait’s - 2.599 million barrels per day, the UAE’s - 3.387 million barrels per day, Kazakhstan’s - 1.556 million barrels per day, Oman’s - 804,000 barrels per day, and Algeria’s - 963,000 barrels per day.

The next meeting of the leading OPEC+ nations will be held on October 5.