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Real-time News
Energy Intelligence Group reporter Amena Bakr: According to delegates, no officials attending the OPEC+ meeting raised any objections or other suggestions.According to Interfax: Taking into account compensation measures, it is expected that the actual oil production increase of OPEC+ in September may reach 528,000 barrels/day.On August 3, OPEC+ announced that on August 3, 2025, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman held a videoconference to assess global market conditions. Given the healthy market, as reflected by low global crude oil inventories, and the December 5, 2024, resolution to gradually and flexibly withdraw from the voluntary production cut of 2.2 million barrels per day (bpd) starting April 1, 2025, the eight countries decided to implement a production adjustment of 547,000 bpd starting in September 2025 (based on August 2025 production). The withdrawal from the voluntary production cuts could be paused or reversed depending on evolving market conditions, providing flexibility to maintain crude oil market stability. The eight countries confirmed their commitment to fully compensate for any excess production since January 2024 and will hold monthly meetings to assess market conditions, compliance, and compensation progress. The next meeting is scheduled for September 7, 2025.OPEC+ statement: The current global economic outlook is stable and market fundamentals are healthy.OPEC+ statement: Eight member countries will increase oil production by 547,000 barrels per day in September.