OPEC+ countries plan to gradually increase oil production by 1.65 million barrels per day by September 2026 (from the group of eight leading OPEC+ countries), that is, they will essentially compensate for production cuts they adopted earlier, Bloomberg reports, citing OPEC+ delegates.
According to the agency, the decision was made at a meeting of the group of “eight“, at which it was decided today to increase production by 137,000 barrels per day. The meeting itself lasted about 11 minutes.
“The delegates said the increase would be carried out in stages - monthly until September next year“, the agency reported.
By reducing production by 137,000 barrels per day per month from October 2025 to September 2026 inclusive, the leading eight OPEC+ countries will increase production by 1.644 million barrels per day.
On September 7, the eight leading OPEC+ countries decided to increase oil production due to favorable market fundamentals.
According to OPEC, Russia and Saudi Arabia will be able to increase production by 42,000 barrels per day each, Iraq - by 17 000 barrels per day, UAE - by 12,000 barrels per day, Kuwait - by 11,000 barrels per day, Kazakhstan - by 6,000 barrels per day, Oman - by 3,000 barrels per day, Algeria - by 4,000 barrels per day.