According to a statement on the organization’s website, eight OPEC+ countries that are participating in the voluntary oil production cut agreement will increase their production by 547,000 barrels per day in September.
“Given the stable outlook for the global economy and favorable current market conditions, as evidenced by low oil reserves… eight countries… will adjust their production by 547,000 barrels per day,” the press release said.
The next OPEC+ meeting of the eight countries will take place on September 7.
Earlier, OPEC Secretary-General Khaysam al-Gais thanked Russian President Vladimir Putin on the sidelines of the SPIEF for supporting the stability of global energy markets during a challenging time.
In May, Russian Deputy Prime Minister Alexander Novak said that OPEC+ countries were restraining oil production.
