The Organization of the Petroleum Exporting Countries and its allies (OPEC+) has approved a combined production increase of 188,000 barrels per day (bpd) for seven member countries from September 2026, as the alliance continues the gradual easing of voluntary output cuts introduced in 2023.
According to a statement issued on Sunday, August 2, 2026, the decision was taken during a virtual meeting involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, the seven countries that implemented additional voluntary production cuts announced in April and November 2023.
OPEC+ said the meeting reviewed global oil market conditions and the outlook for supply and demand before approving the adjustment, which is intended to support market stability while allowing a measured increase in crude production.
Under the new quota arrangement, Saudi Arabia and Russia will each increase their production by 62,000bpd. Iraq will raise its allocation by 26,000bpd, while Kuwait’s quota will increase by 16,000bpd. Kazakhstan will add 10,000bpd, Algeria 6,000bpd and Oman 5,000bpd, bringing the combined increase to 188,000bpd.
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The latest adjustment forms part of OPEC+’s phased reversal of voluntary supply cuts introduced in 2023 to balance the global oil market amid fluctuating demand, price volatility and broader economic uncertainty.
The alliance said the September increase would also enable participating countries to accelerate compensation for any previous overproduction while reinforcing compliance with agreed production targets.
OPEC+ reaffirmed its commitment to the Declaration of Cooperation, with the Joint Ministerial Monitoring Committee (JMMC) continuing to monitor members’ adherence to production commitments.
The seven producers also reiterated their commitment to fully compensate for any excess production recorded since January 2024.
The participating countries will continue to hold monthly meetings to assess market conditions, production performance and compliance with agreed quotas. The next meeting is scheduled for September 6, 2026.