🔶 OPEC+ agrees to increase oil production from September

Seven key OPEC+ members announced in a joint statement on Sunday that they have agreed to increase oil production by 188,000 barrels per day from September. The decision was adopted by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

Analysts had anticipated such a decision in advance, but its immediate impact on the market remains unclear.

In recent months, Gulf countries have faced difficulties in increasing oil exports due to severe disruption in traffic through the Strait of Hormuz.

This situation has continued despite a temporary increase in maritime traffic after the signing of the Iran–U.S. understanding in June.

For this reason, increasing production targets for some countries will have limited impact in practice.

The September increase will fully отмен the second of the three OPEC+ production cuts packages.

It is still not clear when OPEC+ members will actually be able to raise their production volumes.