OPEC+ Agrees to September Oil Output Hike Amid Ongoing Middle East Conflict
OPEC+ countries have agreed to increase oil output by 188,000 b/d in September, reversing some of the additional voluntary production cuts made earlier this year.
The seven member countries - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman - will boost their production levels after pausing hikes earlier in the year due to steady market conditions.
The decision comes amid ongoing conflict in the Middle East, which has led to repeated strikes on energy infrastructure across the region. The OPEC+ countries have reaffirmed their intention to fully compensate for any overproduced volume since January 2024.
The two leading producers, Saudi Arabia and Russia, will increase production by an additional 62,000 b/d each, reaching about 10.5 million b/d and 9.9 million b/d of crude oil in September respectively. Iraq is expected to hike its output by 26,000 b/d to around 4.4 million b/d next month.
The OPEC+ members will meet again on September 6, 2026, to review market conditions.