OPEC+ said that seven of its key members agreed to raise oil production by 188,000 barrels per day (bpd) in September as part of ongoing efforts to support market stability.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman held a virtual meeting on Sunday to review global market conditions. The increase will apply to the voluntary production adjustments first announced in April 2023.
The participating countries said the move will allow them to accelerate compensation for previous production levels. The group reaffirmed its commitment to full compliance with the Declaration of Cooperation, including the additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC).
The seven countries also reiterated their commitment to fully compensate for production that exceeded agreed levels since January 2024.
The increase completes the gradual unwinding of the 1.65 million bpd voluntary production cut first agreed in 2023, when the group still included the United Arab Emirates among its participants. The UAE left OPEC in May 2026, adding a new layer of complexity to quota negotiations as the alliance moves to conclude this phase of its supply management strategy.
