OPEC+ Agrees September Output Increase Amid Market Stability Efforts

OPEC+ countries have agreed to increase oil production by 188,000 barrels per day (bbl/d) in September 2026. This decision was made during a virtual meeting on August 2 attended by key member countries including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The production adjustment is part of the group's efforts to support oil market stability while allowing participating countries to compensate for previous overproduction. The seven countries reaffirmed their commitment to full compliance with the Declaration of Cooperation (DoC), including compensating for any excess production since January 2024.

The September increase marks the completion of the gradual unwinding of the 1.65 million bpd voluntary production cuts first agreed in 2023. However, another layer of OPEC+ production cuts totaling around 2 million bpd, introduced in 2022, remains in place and is scheduled to continue through the end of 2026.