OPEC+ decided to increase Russia's September oil production quota by…
OPEC+ decided to increase Russia's September oil production quota by 62 thousand barrels per day. Russia will be able to increase its September oil production by 62 thousand barrels per day — to 9.949 million barrels per day. This decision was adopted at the OPEC+ deal meeting by the participating countries.
Consensus
- OPEC+ countries, including Russia and Saudi Arabia, decided to increase oil production quotas by 188 thousand barrels per day for September 2026.
- The increase is part of the final phase of ending voluntary production cuts that began in April 2023.
- The decision was made by seven countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
- The next OPEC+ meeting is scheduled for 6 September 2026.
- The total production capacity of the alliance will reach 36.206 million barrels per day after the increase.
- Russia and Saudi Arabia will each gain an additional 62,000 barrels per day, bringing their quotas to 9.949 million and 10.478 million barrels per day respectively.
- Iraq, Kuwait, Kazakhstan, Algeria, and Oman will also receive incremental increases of 26,000, 16,000, 10,000, 6,000, and 5,000 barrels per day respectively.
- The increase is described as the final step in a cycle that began with a 2.2 million barrels per day cut in September 2025 and a subsequent 1.65 million barrels per day cut.
- OPEC+ reaffirmed its commitment to fully compensate for any overproduction since January 2024.
Points of divergence
- The increase is considered a technical adjustment and not a significant market influence; it is seen as a symbolic gesture indicating that the peak of the crisis around the Strait of Hormuz has passed or is near. — vesti
- Russia's oil companies are unlikely to fully utilize the increased quota due to previous underperformance, which may lead to reduced revenue and pressure on the Russian budget. — vesti
- The market has already priced in the situation around the Strait of Hormuz, and recent tensions no longer cause sharp price spikes. — vesti
- Donald Trump claimed that the US and Iran had reached agreements on the Strait of Hormuz, with talks set to begin on 3 August. — vesti
- The Joint Monitoring Committee (JMMC) expressed serious concern over increasing attacks on energy infrastructure and disruptions to maritime routes, warning they could undermine market stability. — fontanka
- The increase is primarily symbolic but will allow Saudi Arabia to boost production once oil flows from the Persian Gulf return to normal, due to the ongoing conflict between the US, Israel, and Iran since late February. — tg_theinsider
- OPEC+ confirmed its commitment to fully compensate for overproduction since January 2024 and reiterated adherence to the OPEC+ Cooperation Declaration. — vedomosti
- The next increase in quotas is expected to be determined after a review of country capacities for the 2027 baseline. — vedomosti
- The OPEC+ meeting included representatives from the UAE, which later withdrew from the group due to dissatisfaction with quotas. — kommersant
Coverage (10 sources)
- Expert Prokofiev revealed why OPEC+ countries decided to increase quotas — Вести
- OPEC+ countries, including Russia, raised the maximum level of oil production — Фонтанка
- OPEC+ leaders agreed on increasing oil production quotas — The Insider
- In OPEC+ told when quotas on oil production will be increased — Ведомости
- OPEC+ decided to increase Russia's September oil production quota by 62 thousand barrels per day — Коммерсантъ
- OPEC+ countries will increase oil production quotas for September by 188 thousand barrels per day — Вести
- OPEC+ increased September oil production quotas by 188 thousand barrels per day — Коммерсантъ
- OPEC+ countries decided to increase oil production quotas for September by 188 thousand b/d — Интерфакс
- OPEC+ plans to increase oil production quota by 188,000 barrels starting in September — Ведомости
- Seven OPEC+ countries agreed in principle to increase oil production in September by 188 thousand barrels per day — Интерфакс
Key entities
- OPEC+
- Russia
- Saudi Arabia
- Kazakhstan
- Oman
- Algiers
- Kuwait
- Iraqa
- Moscow
- Prokofieva
- INTERFAX.RU
- Bloomberg
- UAE
- Ormuz Strait
- Kommersant