OPEC+ Approves 188k BPD Oil Production Increase for September

OPEC+ has approved an increase in oil production of around 188,000 barrels per day for September 2026. The decision was made by seven OPEC countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The participating countries reviewed global market conditions and the outlook before making the decision to implement a production adjustment of 188,000 barrels per day from the additional voluntary production cuts announced in April 2023.

The group stated that the increase will support oil market stability while allowing participating countries to accelerate compensation for earlier overproduction. They also reaffirmed their commitment to maintaining agreed production targets and fully compensating for any overproduced volumes since January 2024.