OPEC+ Approves Oil Production Hike as Capacity Review Looms

OPEC+ has approved an increase of about 188,000 barrels per day in oil production quotas for September. This move marks the completion of the phased rollback of voluntary supply cuts introduced in 2023.

The decision affects core producers including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. Despite successive monthly output increases throughout 2026, global markets have been impacted only marginally due to export disruptions linked to wars involving Iran and Ukraine.

OPEC+ is also reviewing members' oil production capacity ahead of setting 2027 output baselines. This process is expected to involve challenging negotiations as countries like Iraq seek higher production quotas to reflect increased production capacity.