OPEC+ Agrees to Boost Oil Production by 188,000 BPD
OPEC+ countries have agreed to increase oil production by 188,000 barrels per day (bpd) in September. The decision was made during a virtual meeting between Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
The increase is part of the additional voluntary output reductions first announced in April 2023. It will also allow participating members to accelerate compensation for previous overproduction, while reaffirming their commitment to fully comply with the OPEC+ Declaration of Cooperation.
The Joint Ministerial Monitoring Committee (JMMC) reviewed global market conditions and stressed the importance of the Declaration of Cooperation in supporting energy market stability. The committee highlighted the need to safeguard international maritime routes to ensure the uninterrupted flow of energy supplies.
The JMMC also reviewed crude oil production data for May and June 2026, noting overall compliance among OPEC and non-OPEC countries participating in the Declaration of Cooperation.