Seven OPEC+ countries, including Kazakhstan, have agreed to increase oil production in September 2026. The decision was made during a virtual meeting of the alliance's participants, according to the organization's press service. Thus, Kazakhstan will be able to boost production by 10,000 barrels per day, reports infohub.kz.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman have decided to adjust output by a total of 188,000 barrels per day. This measure is implemented within the framework of additional voluntary restrictions announced by the countries in April 2023.
The largest increase is planned for Saudi Arabia and Russia, each able to raise production by 62,000 barrels per day. Iraq will increase by 26,000 barrels, Kuwait by 16,000, Kazakhstan by 10,000, Algeria by 6,000, and Oman by 5,000 barrels per day.
After the adjustment, target production levels will be: Saudi Arabia – 10.478 million barrels per day; Russia – 9.949 million; Iraq – 4.431 million; Kuwait – 2.676 million; Kazakhstan – 1.628 million; Algeria – 1.007 million; Oman – 841 thousand barrels per day.
OPEC+ noted that the decision will also allow countries to accelerate the fulfillment of obligations to compensate for previously exceeded production volumes.
It is recalled that after attacks on the CPC and the closure of the marine terminal, oil production in Kazakhstan dropped to 1.63 million barrels per day compared to the average production level in July of 2.07 million barrels per day.