OPEC+ Agrees to Boost Oil Production by 188,000 Barrels per Day from September

OPEC+ countries have agreed to increase oil production by 188,000 barrels per day from September. This decision was made during a virtual meeting on August 2, 2026, to review global oil market conditions.

The participating members, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, stated that the aim of this increase is to support oil market stability while allowing them to accelerate compensation for previous overproduction.

OPEC+ members reaffirmed their commitment to the Declaration of Cooperation and agreed to have their compliance monitored by the Joint Ministerial Monitoring Committee (JMMC).