Eight OPEC+ member countries that had previously imposed voluntary oil production cuts beyond their set quotas—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—have agreed to increase daily oil output in September by 547,000 barrels compared to August. This was announced in an OPEC press release following a recent meeting.
The decision cites “stable global economic prospects and favorable market conditions, as evidenced by low oil inventories” as the rationale for the production increase.
This marks the final step in a series of accelerated monthly output hikes that began in April, when production was increasing by 411,000 to 548,000 barrels per month—well above the originally planned 130,000–140,000 barrels. The September increase will fully restore the 2.2 million barrels per day voluntarily cut by these countries in 2023.
However, the eight countries, along with Gabon, are still upholding an existing voluntary output cut of 1.65 million barrels per day.
As of April, several countries were required to make additional reductions totaling 4.6 million barrels per day due to overproduction—namely Iraq (2 million), Kazakhstan (1.3 million), and Russia (0.7 million). Kazakhstan, however, announced in the spring that it would not cut production due to the launch of new facilities at the Tengiz oil field.
According to the updated compensation schedules, the collective OPEC+ production quota for September will be 37.556 million barrels per day—an increase of 528,000 barrels from August.
The next OPEC+ meeting is scheduled for September 7. The press release emphasized that the timeline for phasing out voluntary cuts may be paused or revised if market conditions deteriorate.
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