OPEC+ approves September output increase of 188,000 bpd
OPEC+ has approved a production increase of 188,000 barrels per day (bpd) for September, completing the phased rollback of additional voluntary output cuts introduced in 2023 by seven member countries.
The decision was taken during a virtual meeting on Aug. 2 attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
According to a statement by the Organization of the Petroleum Exporting Countries (OPEC), the production adjustment is aimed at supporting oil market stability while enabling participating countries to accelerate compensation for previous overproduction.
The seven countries reaffirmed their commitment to full compliance with the Declaration of Cooperation (DoC), including compensating for excess production recorded since January 2024.
The September increase completes the gradual unwinding of the 1.65 million bpd voluntary production cuts agreed in 2023.
However, another layer of OPEC+ production cuts of about two million bpd, introduced in 2022, will remain in force until the end of 2026.
Meanwhile, the 67th Joint Ministerial Monitoring Committee (JMMC) also met virtually on Aug. 2 to review crude oil production data for May and June 2026 and assess compliance with production agreements.
The committee reaffirmed the importance of the Declaration of Cooperation in maintaining stability in the global oil market.
It also stressed the need to safeguard international maritime routes to ensure uninterrupted global energy supplies.
The committee expressed concern over attacks on energy infrastructure, warning that restoring damaged facilities is costly, time-consuming and could reduce supply availability while increasing market volatility.
It said disruptions to energy infrastructure or international shipping routes could undermine efforts to stabilise the oil market.
The JMMC said it would continue monitoring compliance with agreed production adjustments and retained the authority to convene additional meetings if market conditions require.
The next meeting of the seven participating OPEC+ countries is scheduled for Sept. 6, while the 68th JMMC meeting will hold on Oct. 4. Credit: Adapted from a report by Egypt Oil & Gas.
