On the 3rd, OPEC issued a statement saying that eight major oil-producing countries—both within and outside OPEC—have decided to increase their daily production by 547,000 barrels in September.

Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting that day to discuss the current situation and outlook of the international oil market.

The statement said that, given the current solid market fundamentals and low oil inventories, the eight countries have decided to adjust their production levels. At the same time, these eight countries will flexibly adjust the pace of increased production based on market conditions, in order to maintain stability in the oil market. In August, the above-mentioned countries collectively increased production by an average of 548,000 barrels per day.

The eight countries mentioned above announced in November 2023 a voluntary production cut of 2.2 million barrels per day. Since then, the reduction measures have been extended several times, with the latest extension lasting until the end of March 2025, originally set to expire in December 2024. In March of this year, the eight countries decided to gradually increase oil production starting April 1.