OPEC+ Countries Plan Oil Production Adjustments

These countries include Russia, Saudi Arabia, the UAE, Iraq, Kuwait, Algeria, Oman, and Kazakhstan. The statement clarified that the OPEC+ countries have confirmed their commitment to fully compensate for any surplus in allowed oil production levels starting January 2024. In the same context, Russian Deputy Prime Minister Alexander Novak stated after a meeting of the eight member countries in the alliance that the alliance shows a very high level of agreement implementation, based on the results of seven months. Novak added, “Increasing the oil production ceiling depends entirely on market forces, allowing Russia to increase its production by 42,000 barrels per day.” Novak pointed out that a decision was made to increase the maximum production level in October by 1/12 of the remaining voluntary restrictions. It is also clear that Algeria will be able to increase production to 963,000 barrels, Kuwait to 2.559 million barrels, the UAE to 3.387 million, and Oman to 804,000. According to the statement, this decision comes amidst improved global economic forecasts and stabilized market fundamentals, including a decline in global oil inventories.