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

The OPEC+ alliance approved an increase in oil production by 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+—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and the Sultanate of Oman, which had previously announced additional voluntary adjustments in April and November 2023—met virtually to review global market conditions and forecasts.

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 cuts announced in April 2023. This adjustment will take effect in September 2026.”

The seven OPEC+ members also noted that this measure would provide an opportunity to accelerate the compensation process. They reaffirmed their collective commitment to full compliance with the Cooperation Declaration, including the additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee. The seven countries further confirmed their intention to fully compensate for any production surplus since January 2024.

The seven OPEC+ members will continue to hold monthly meetings to review market conditions, with the next meeting scheduled for September 6, 2026. This September increase will complete the phased removal of a reduction slice totaling 1.65 million barrels per day, originally agreed upon in 2023. Halting further increases after September will maintain production cuts dating back to 2022, estimated at approximately 2 million barrels per day.