OPEC+ Approves 188,000 BPD Oil Output Increase for September

OPEC+ approved a production increase of 188,000 barrels per day for September 2026 during a virtual meeting on 2 August 2026. The decision involved seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

OPEC+ Production Framework

OPEC+ is a grouping of the Organization of the Petroleum Exporting Countries and non-OPEC producers that coordinates crude oil output policy. The alliance uses voluntary cuts, quota adjustments, and compliance reviews under the Declaration of Cooperation.

September 2026 Output Decision

The September increase completes the phased rollback of 1.65 million bpd in voluntary production cuts agreed in 2023. A separate layer of cuts of about 2 million bpd, introduced in 2022, remains in force until the end of 2026. Saudi Arabia and Russia are set to raise output by 62,000 bpd each for September. Iraq is expected to increase production by 26,000 bpd, taking its output to about 4.4 million bpd.

Monitoring, Compliance, and Market Factors

The Joint Ministerial Monitoring Committee met by videoconference on 2 August 2026 to review compliance and examine crude oil production data for May and June 2026. The seven core members reaffirmed their commitment to full compliance with the Declaration of Cooperation, including compensation for excess production since January 2024. Export disruptions from the Gulf, Russia, and Kazakhstan have affected supply reaching global markets. These disruptions have been linked to conflicts involving Iran and Ukraine.

Important Facts for Exams

• OPEC was founded in 1960 in Baghdad by five countries: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
• OPEC+ refers to OPEC members and non-OPEC producers that coordinate oil policy.
• Barrels per day, abbreviated as bpd, is a standard unit for measuring crude oil production.
• The Joint Ministerial Monitoring Committee reviews compliance with production agreements in the OPEC+ framework.

Next Review and Membership Context

The next meeting of the seven core OPEC+ members is scheduled for 6 September 2026 to review market conditions and decide October production levels. The United Arab Emirates exited OPEC in May 2026, which has added complexity to quota negotiations.