OPEC+ approves September output hike

On August 2, 2026, OPEC+ approved an oil production quota increase of approximately 188,000 barrels per day for September, completing the phased rollback of a 1.65 million bpd voluntary supply cut originally agreed in 2023. The decision was made by the seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. The United Arab Emirates, which left OPEC in May, was not part of the decision. Due to export disruptions from the Gulf, Russia, and Kazakhstan caused by the Iran and Ukraine wars, successive monthly hikes this year have had little market impact. The statement made no reference to fourth-quarter policy, though sources had indicated a pause was likely. A separate layer of roughly 2 million bpd of cuts from 2022 remains in place until the end of the year. The Joint Ministerial Monitoring Committee reiterated concern about attacks on energy assets during the US-Israeli war on Iran, noting repairs are costly and slow. OPEC+ is reviewing members' production capacity to set 2027 baselines, with Iraq and others pushing for higher quotas. The next meeting of the seven core members is scheduled for September 6.