Riyadh: The seven member countries of the OPEC+ alliance have decided to increase their oil production quotas by approximately 188,000 barrels per day (bpd) for September.

According to Qatar News Agency, a joint statement was issued following a virtual meeting held today, where Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman expressed that the decision reflects their collective commitment to supporting stability in the global oil market.

The member countries agreed to implement a production adjustment of 188,000 bpd as part of the additional voluntary production adjustments first announced in April 2023. The seven countries also reaffirmed their collective commitment to full compliance with the Declaration of Cooperation, including the additional voluntary production adjustments, which will continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC).

The alliance reiterated their determination to fully compensate for any excess production recorded since January 2024. In late 2022, the OPEC+ alliance agreed to reduce production quotas in three phases amid concerns over weakening oil prices, resulting in a total supply cut of around 6 million barrels per day.