Energy, Oil & Gas

Opec+ nations agree output hike

Eight Opec+ countries, which previously announced additional voluntary adjustments in April and November 2023, agreed on Sunday to raise oil production by 547,000 barrels per day for September.
 
The eight countries are: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman.
 
They said the decision is in view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on December 5, 2024, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025. 
 
The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability, said the Opec+ nations.
 
The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. They will meet on September 7, 2025.