OPEC+ raised September oil production quotas by 188,000 barrels per day

The OPEC+ countries decided to adjust the September quotas and increase total oil production by 188 thousand barrels per day. This was announced on August 2 by the organization's press service on its website.

"As part of joint efforts to maintain the stability of the oil market, the seven participating countries decided to adjust production volumes by 188,000 barrels per day due to additional voluntary reductions announced in April 2023," OPEC+ said in a statement.

According to the approved schedule, Saudi Arabia and Russia will account for the main share of the increase, which will increase production by 62,000 barrels per day to 10.478 million barrels and 9.949 million barrels per day, respectively.

For the sake of the tank: OPEC+ countries have increased their oil production quota again

Will these 188,000 barrels per day appear on the market and how will the alliance's decision affect prices

On July 5, the largest OPEC+ member countries agreed on another increase in collective oil production quotas in August, increasing the maximum allowed production by 188 thousand barrels per day. According to the published statement, the total quota of OPEC+ countries for oil production next month will be 36.019 million barrels per day. The changes will affect seven OPEC+ countries, which voluntarily reduce production in addition to the quotas of all countries. These include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.