OPEC+ Approves Modest Oil Output Hike Amid Market Stability Efforts

OPEC+, an alliance of major oil-producing countries, has agreed to increase oil production quotas by 188,000 barrels per day in September. This decision was made during a virtual meeting on August 2, 2026, where seven OPEC+ member countries discussed market stability and output adjustments.

The additional voluntary production cuts announced in April 2023 will be implemented from the adjustment, which is scheduled to take effect in September 2026. The group aims to provide an opportunity for acceleration of compensation for previous overproduction and achieve full conformity with the Declaration of Cooperation.

According to OPEC+, the seven countries - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman - will continue to meet monthly to review global oil market conditions. Their next meeting is scheduled for September 6.