Eight OPEC+ countries to increase production by 548,000 bpd in September

Eight OPEC+ countries, voluntarily cutting oil production, have decided to increase production in September by 547,000 barrels per day, which is in line with the original plan to increase output for four months, reads the final statement posted on the OPEC website, Report informs.

The statement notes 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 528,000 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 302,000 bpd will exceed the volume of cuts 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.