OPEC+ member countries held an online meeting to assess recent developments in the global oil market. During the meeting, new production quotas effective from September were set.
The group comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman decided to increase total daily production by 188,000 barrels starting from September. The decision was taken within the framework of the voluntary production cuts of 1.65 million barrels per day announced in April 2023 and in line with the commitment to maintain market stability.
Under the decision, the largest production increases will be implemented by Russia and Saudi Arabia, at 62,000 barrels per day each. The other countries' increases will be: Iraq 26,000 bpd, Kuwait 16,000 bpd, Kazakhstan 10,000 bpd, Algeria 6,000 bpd and Oman 5,000 bpd.
Rollback of Production Cuts Continues
OPEC+ countries have been gradually cutting production since 2022 to maintain balance in the oil market. As of March 2025, total cuts had reached 5.85 million barrels per day. These cuts consist of a 2 million barrel reduction announced in October 2022, a 1.65 million barrel voluntary cut disclosed in April 2023, and an additional 2.2 million barrel voluntary cut declared in November 2023.
Last year, during the April-September period, those countries gradually raised production, bringing back 2.2 million barrels of the cuts. Starting from October 2025, the process of returning the remaining 1.65 million barrels of voluntary cuts to the market began. The group's next meeting is scheduled for September 6.
