Eight OPEC+ countries — Saudi Arabia, Russia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria and Oman — have agreed on a quota increase of 547,000 barrels per day (bpd) for September, according to a statement on the organization’s website following the Aug. 3 meeting. In particular, Kazakhstan’s quota will rise to 1.55 million bpd in September, up from 1.532 million bpd in August and 1.514 million bpd in July.
Quotas for other members will be as follows:
- Saudi Arabia: 9.978 million bpd;
- Russia: 9.449 million bpd;
- Iraq: 4.22 million bpd;
- The UAE: 3.375 million bpd;
- Algeria: 959,000 bpd;
- Oman: 801,000 bpd.
These countries reaffirmed their commitment to market stability, based on sound fundamentals and stable global economic prospects. The statement emphasized that the agreed oil production increase for September will allow OPEC+ countries to boost compensation for past overproduction.
The next meeting between the eight is scheduled for Sept. 7. The Sunday meeting took place against the backdrop of President Donald Trump’s demand that India suspend imports of Russian oil, which could result in Moscow losing a significant share of its income and potentially trigger a new global supply crisis. India has consistently been among the top three largest importers of Russian oil since 2022, refining it into petroleum products later exported to Europe. Brent crude futures for October 2025 on ICE traded at $69.52, down 0.215%.
According to Reuters Russia, citing a source familiar with the matter, Kazakhstan reduced its oil production in July to 1.84 million barrels per day (bpd) from 1.88 million bpd in June. Despite the decrease, the country continued to significantly exceed its quota under the OPEC+ agreement. Oil and gas condensate production from January to July amounted to 58.51 million tons (or 2.07 million bpd), compared to 52.25 million tons (or 1.84 million bpd) during the same period last year. Kazakhstan plans to increase oil and gas condensate output to 96.2 million tons in 2025, up from 87.56 million tons in 2024.
