OPEC+ introduces additional oil production quota for September

The participants in the OPEC+ agreement (members of the Organization of the Petroleum Exporting Countries and a number of oil-producing countries that are not members of it, including Russia) will increase the quota for oil production in September by 100,000 barrels per day, according to a decision following a meeting of ministers of these countries held on 3 August. It is specified that Russia and Saudi Arabia will be able to increase oil production in September by 26,000 barrels per day each. That is, these two countries should account for more than half of the expected increase in production.

September’s 100,000 bpd increase is an unplanned increase. In early June 2022, OPEC+ countries redistributed quotas for a gradual increase in oil production. According to this adjustment, in July and August, oil production should have increased by 648,000 barrels per day each month. Prior to this, it was assumed that production would increase from May to September by 432,000 barrels per day on a monthly basis. But in June, OPEC+ spread out the September quota for the last two months of the summer. Thus, without new adjustments, production quotas would not have increased in September, but now OPEC+ has allowed itself to produce additional oil.