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OPEC+ agrees to add only 0.1 mb/d of oil output as of September 2022

The OPEC+ has decided to bring an additional 0.1 mb/d back in production for the month of September 2022, on top of the 0.648 mb/d increase in August 2022. Accordingly, both Saudi Arabia and Russia should produce 11 mb/d in September 2022; the production of the OPEC 10 group members should reach 26.8 mb/d, that of non-OPEC producers 17.2 mb/d, leading to the production of the OPEC+ to an average of 44 mb/d.

Earlier in June 2022, the group of oil-producing countries, which comprises the OPEC and its non-OPEC allies including Russia, endorsed a deal to increase its monthly global oil-supply hikes by 50% from 0.432 mbl/d in June 2022 to 0.648 mbl/d in July and August 2022. Between August 2021 and June 2022, OPEC+ raised its output target each month by 0.432 mb/d.