The eight OPEC+ countries that voluntarily cut oil production decided to increase production in September by 547,000 barrels per day, in line with the original plan to increase production for four months, News.Az reports citing the final statement posted on the OPEC website.
The statement reiterated that the decision to increase production was made against the backdrop of healthy fundamental factors in the oil market, expressed in low reserves.
Taking into account the schedule of compensation for excess production allowed by a number of OPEC+ countries during the period of voluntary reductions, the volume of production increase in September will amount to 528 thousand bpd. The decision to increase oil production in September will allow the OPEC+ "eight" to completely exit voluntary reductions of 2.2 million bpd - and a year earlier than the original plan. However, taking into account previous decisions, the increase in production by 302 thousand bpd will exceed the volume of reductions that the eight OPEC+ countries adhered to.
The statement following the meeting noted that the countries will continue to meet monthly to assess market conditions, monitor compliance with the OPEC+ deal and fulfill obligations to compensate for excess production. The next such meeting of the OPEC+ "eight" will be held on September 7.
