OPEC+ Completes Rollback of 1.65 Million Bpd Cut

OPEC+ has finalized its September output increase, wrapping up the rollback of a 1.65 million bpd voluntary cut agreed to in 2023. The decision was made by seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.

The UAE, which departed OPEC in May 2026, was not part of the decision-making process. However, its exit did not disrupt the rollback timeline.

This marks the end of a multi-year unwinding of the 1.65 million bpd cut. While it represents a significant increase, it does not mean all production cuts are gone; a separate layer of roughly 2 million bpd in cuts dating back to 2022 remains in place through the end of 2026.

The real-world effect on oil markets has been limited due to export disruptions caused by conflicts in the Gulf and Ukraine, which have interrupted actual oil flows from key producers. The Joint Ministerial Monitoring Committee reiterated concerns about attacks on energy infrastructure during the ongoing war.