OPEC+ Agrees to Boost Oil Production Quotas by 188,000 Barrels Per Day

The OPEC+ alliance has agreed to increase oil production quotas by 188,000 barrels per day starting in September. This decision was made at a meeting where seven key members - Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman - were present.

These countries have been increasing their monthly production quotas for most of this year, but the increases remained largely on paper due to military actions disrupting exports from the Persian Gulf countries, Russia, and Kazakhstan. The alliance will continue to hold monthly meetings to analyze the market situation, with the next meeting scheduled for September 6, 2026.

Russia's quota for September will be 9.949 million barrels per day. After September, the group is likely to suspend production increases until the end of the year, as previously reported by media sources. However, this was not announced at Sunday's meeting.