OPEC+ Finalizes September Output Hike as Voluntary Cuts Unwind
The OPEC+ alliance has finalized its plan to increase oil production quotas in September. The decision was made after a meeting of core producers on August 2, 2026. Seven key members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, will see their production quotas rise by approximately 188,000 barrels per day (bpd). This increase completes the rollback of a 1.65 million bpd production cut agreed to in 2023.
The decision was made despite export disruptions linked to conflicts involving Iran and Ukraine, which have constrained shipments from the Gulf region, Russia, and Kazakhstan. Analyst Jorge Leon at Rystad Energy noted that while the completion of the voluntary production rollback shifts OPEC+'s focus to managing potential oversupply once exports normalize.
Leon added that the alliance has little reason to make further supply adjustments immediately and is expected to maintain current production levels in the fourth quarter, preparing for negotiations on 2027 output quotas. The group's next meeting is scheduled for September 6.