OPEC+ Unwinds Voluntary Cuts, Increases Output by 188k BPD
The OPEC+ oil production adjustment from September 2026 has been explained in detail. The decision, which involves an increase of 188,000 barrels per day (bpd) from seven participating nations - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman - is the final tranche of unwinding a 1.65 million bpd voluntary cut package that was originally structured in April 2023.
This adjustment does not represent a new policy but rather the closing chapter of an old one. A separate and significantly larger curtailment of approximately 2 million bpd remains in place through the end of 2026.
The Strait of Hormuz crisis, which exposed the fragility of global energy supply chains, had a significant impact on oil prices. Brent crude prices surged past $120 per barrel at peak crisis levels, and major importing nations activated emergency strategic petroleum reserves to suppress inflationary transmission.