8 OPEC+ members plan 547,000-bpd output hike in September

OPEC+ members Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman will implement an output hike of 547,000 barrels per day (bpd) in September, compared to the required production quota for the current month.

This is equivalent to four monthly increases, as the unwinding of additional voluntary production adjustments may be suspended or reversed depending on evolving market conditions, the alliance said in a statement.

Accordingly, this flexibility is bound to allow OPEC+ to continue supporting a steady oil market.

It added that the eight member countries affirmed their commitment to market stability, based on current oil market fundamentals and the stable global economic outlook — hence the planned output hike.

This move, according to OPEC+, should pave the way for participating countries to accelerate their compensation, affirming their collective commitment to achieving full compliance with the Declaration of Cooperation, including the additional voluntary production adjustments agreed to be monitored by the Joint Ministerial Monitoring Committee.

They also reiterated their intention to fully compensate for any excess production from January 2024. The eight OPEC+ members will hold monthly meetings to review market conditions, compliance, and compensation. The next meeting is scheduled to be held on Sept. 7.