MOSCOW: The oil production quota for the OPEC+ seven (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman) increases by 188,00...
MOSCOW: The oil production quota for the OPEC+ seven (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman) increases by 188,000 barrels per day (bpd) in September compared with August, to 31.01 mln bpd as the group completes the phaseout of its 1.65 mln bpd voluntary production cut, according to OPEC data and TASS calculations.
At their latest meeting, the seven leading OPEC+ countries decided to increase oil production by 188,000 bpd in September compared with August, bringing the group's oil production quota for the month to 31.01 mln bpd. OPEC+ countries had also previously extended until the end of 2026 the period during which they can compensate for earlier overproduction, though an updated compensation schedule has yet to be published. The previous schedule called for the compensation period to end in June 2026.
Starting in April 2025, the OPEC+ eight gradually began returning previously withheld barrels to the market, and in September 2025 the group fully unwound its voluntary production cuts of 2.2 mln bpd, a year ahead of the original schedule. In October 2025, OPEC+ began gradually unwinding another oil production cut of 1.65 mln bpd. Following the UAE's withdrawal from OPEC and OPEC+ on May 1, 2026, the group has operated as a seven-country format, with this production cut amounting to around 1.5 mln bpd excluding the UAE's share.
In September of this year, the OPEC+ seven will complete the phaseout of the voluntary oil production cut of 1.65 mln bpd, or 1.5 mln bpd excluding the quota of the UAE, which withdrew from OPEC and OPEC+ on May 1, fully returning the withheld volume to the market.
The OPEC+ seven will continue to hold monthly meetings to assess market conditions, with the next meeting scheduled for September 6.
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