Oil Production Limits May Be Reduced for 7 OPEC+ Countries
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Seven OPEC+ countries, including Kazakhstan, may raise their combined oil production target by another 188,000 barrels per day in September, Orda.kz reports, citing Reuters.
Three sources told Reuters that the decision could be made at an OPEC+ meeting on August 2. The final increase has not yet been approved.
Kazakhstan, Russia, Saudi Arabia, Iraq, Kuwait, Algeria and Oman are expected to receive higher production targets. The proposed increase is the same as those approved for June, July and August — 188,000 barrels per day.
The seven countries are gradually reversing voluntary production cuts of 1.65 million barrels per day agreed in 2023. The United Arab Emirates also participated in that agreement but has since left OPEC+.
If the September increase is approved, the seven countries will complete the reversal of those voluntary cuts. However, broader OPEC+ production limits will remain in place.
Original author: Alexander Zhdanov
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