Seven OPEC+ countries to increase oil output in September

On Sunday, seven OPEC+ countries agreed to increase the oil production limit in September by 188,000 barrels per day compared to the August level. When oil ministers of the world's leading exporters meet virtually, the world holds its breath for numbers that can shift exchange quotes. OPEC+ is once again demonstrating its role as the chief conductor of the global oil orchestra: amid sluggish demand, inflation and geopolitical risks, the cartel is cautiously but consistently increasing production for the sixth consecutive month.

This is not just a technical adjustment – it is a subtle signal to the market: we have the situation under control, we are ready for fluctuations and will allow neither shortages nor oversupply. Every barrel today is not just crude, but a weapon in the economic war where stakes are measured in petrol prices, industrial growth rates and the well-being of billions.

The decision was announced after a meeting attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, at which the conditions and prospects of the global market were reviewed. OPEC+ countries are members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. As part of a collective commitment to maintaining oil market stability, the seven participating countries decided to increase output relative to the voluntary cuts announced in April 2023, the statement said.

Voluntary output cuts of 1.65 million bpd were first announced in April 2023 and subsequently extended until the end of 2026. Sunday's decision marks the sixth consecutive month in which OPEC+ has raised production. According to the statement, the seven countries will flexibly adjust their output depending on changing market conditions. They are to meet on 6 September to determine production volumes for October.

OPEC+ continues to adhere to a strategy of gradually restoring production after the large-scale cuts of 2020 caused by the pandemic and additional voluntary restrictions introduced in 2023 to support prices. The current increase of 188,000 bpd is part of a previously agreed plan, but its volume is adjusted monthly depending on the actual market situation.

Notably, not all alliance members took part in the meeting, but rather the seven key participants, which reflects a more flexible governance format, where decisions are made by the most interested parties and then extended to the rest of the members. Market participants expect that the next meeting on 6 September will provide further signals about plans for the autumn, when the balance of supply and demand traditionally changes.

As CCTV+ reports, OPEC+'s steady production increases reflect the alliance's confidence in the resilience of global demand, but analysts warn that any imbalance or external shock could prompt participants to revisit their commitments.