OPEC+ approves September oil output increase, completes rollback of voluntary cuts

OPEC+ has agreed to increase oil production by around 188,000 barrels per day (bpd) from September, completing the phased reversal of the voluntary production cuts introduced in 2023 by key member countries.

 

The increase, approved by Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, marks the final stage of unwinding a 1.65 million bpd voluntary supply reduction. However, actual supply growth has remained limited this year due to export disruptions linked to conflicts in the Middle East and Ukraine.

 

The producer alliance did not provide guidance on output policy for the fourth quarter of 2026, although market analysts expect OPEC+ could pause further production increases as it assesses global supply and demand conditions.

 

Separately, OPEC+'s Joint Ministerial Monitoring Committee reiterated concerns over attacks on energy infrastructure during recent regional conflicts, warning that damage to production and export facilities could continue to affect global oil supplies.

 

Despite completing the rollback of voluntary cuts, OPEC+ will retain an additional production restraint of around 2 million bpd, introduced in 2022, through the end of 2026. The group is also reviewing members' production capacities ahead of negotiations to determine output baselines and quotas for 2027.