OPEC+ approves oil production increase of 188,000 barrels per day in September

The OPEC+ alliance approved an increase in oil production of 188,000 barrels per day in September, as part of its collective commitment to supporting oil market stability.

According to a statement, the seven member countries of OPEC+ that had previously announced additional voluntary adjustments in April and November 2023—namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and the Sultanate of Oman—met virtually to review global market conditions and outlooks.

The alliance stated: “In line with our collective commitment to supporting oil market stability, the seven participating countries have decided to implement a production adjustment of 188,000 barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will take effect in September 2026.”

The seven OPEC+ member countries also noted that this measure would provide them with an opportunity to accelerate the compensation process.

The seven countries reaffirmed their collective commitment to full compliance with the Cooperation Declaration, including the additional voluntary production adjustments, which will be monitored by the Joint Ministerial Monitoring Committee.

The seven countries also confirmed their intention to fully compensate for any production surplus since January 2024.

The seven OPEC+ member countries will continue to hold monthly meetings to review market conditions. The next meeting will be held on September 6, 2026.

This September increase will complete the phased removal of a reduction tranch of 1.65 million barrels per day, originally agreed upon in 2023.

Halting further increases after September will maintain production cuts dating back to 2022, amounting to approximately 2 million barrels per day.