Seven OPEC+ countries, including Kuwait, decide to increase oil production in September

The seven OPEC+ member countries—Saudi Arabia, Kuwait, Russia, Iraq, Kazakhstan, Algeria, and Oman—have decided to implement an adjustment in production levels amounting to 188,000 barrels per day from the total volume of additional voluntary adjustments announced in April 2023. This adjustment is scheduled to take effect in September 2026.

The Ministry of Energy stated in a press release that this decision was reached during a meeting held today via video conference to review the latest developments in the oil market and its future outlook.

The ministry clarified that the seven OPEC+ member countries emphasized that this measure would provide participating countries with an opportunity to accelerate the process of compensation. The seven countries reaffirmed their commitment to the Cooperation Declaration, including the additional voluntary adjustments, the compliance with which will be monitored by the Joint Ministerial Monitoring Committee. The countries also confirmed their resolve to fully compensate for all excess production volumes since January 2024.

On another note, the Joint Ministerial Monitoring Committee, comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Venezuela, and Nigeria, underscored the pivotal role of the Cooperation Declaration in supporting the stability of global energy markets.

The committee highlighted the need to protect international sea lanes to ensure the continuous and uninterrupted flow of energy supplies. It noted that any actions undermining energy supply security, whether by targeting infrastructure or disrupting international sea lanes, would increase market volatility and weaken collective efforts under the Cooperation Declaration aimed at supporting market stability, which benefits producers, consumers, and the global economy.