OPEC+ Approves 188k BPD Oil Output Increase for September

OPEC+ members have agreed to increase oil production by 188,000 barrels per day in September 2026. The decision was made during a virtual meeting on August 2, 2026, and involves seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The output boost completes the phased rollback of 1.65 million bpd in voluntary production cuts agreed upon in 2023. However, a separate layer of cuts of about 2 million bpd, introduced in 2022, remains in force until the end of 2026.

Saudi Arabia and Russia are set to raise their output by 62,000 bpd each for September, while Iraq's production is expected to increase by 26,000 bpd. This will take its output to about 4.4 million bpd.