The OPEC+ alliance has approved an increase in oil production quotas of about 188,000 barrels per day (bpd) from September, completing the phased reversal of a voluntary supply cut introduced in 2023.
The decision was announced after a meeting of the group’s core producers on Sunday, August 2, 2026, marking the end of the rollback of a 1.65 million bpd production cut initially agreed to stabilise global oil markets.
The September increase applies to seven key OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. The United Arab Emirates, which was part of the original agreement, exited OPEC in May.
Despite successive monthly production increases this year, their impact on global oil markets has remained limited due to export disruptions linked to the conflicts involving Iran and Ukraine, which have constrained shipments from the Gulf region, Russia, and Kazakhstan.
While industry sources had indicated before the meeting that OPEC+ was likely to suspend further output increases during the fourth quarter of 2026, the group’s official statement made no reference to production plans beyond September.
An analyst at Rystad Energy, Jorge Leon, said the completion of the voluntary production rollback shifts the group’s attention to managing potential oversupply once disrupted exports return to normal.
“OPEC+ has finished unwinding its voluntary cuts. The next challenge is managing the surplus that could emerge as export flows normalise,” Leon told Reuters.
He 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 while preparing for negotiations on 2027 output quotas.
OPEC+ comprises 21 oil-producing countries, including members of the Organization of the Petroleum Exporting Countries and allies such as Russia. In recent years, however, monthly production decisions have been driven mainly by the seven core producers.
The group’s next meeting is scheduled for September 6.
