OPEC+ announces 188,000-barrel oil output increase for September

The OPEC+ alliance has announced it will raise oil production quotas by 188,000 barrels per day in September.

The statement did not address the production policy that may be agreed for the final three months of 2026.

The seven core OPEC+ member states have agreed to monthly quota increases for most of this year. However, these increases have largely remained theoretical, as the wars involving Iran and Ukraine have disrupted exports from Gulf countries, Russia, and Kazakhstan. The seven countries are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.

An OPEC+ delegate and a source within the alliance said the group is likely to pause further output increases for the rest of the year after September, as the alliance faces potentially tough negotiations over new production quotas.

The September increase will complete the gradual phase-out of a 1.65 million barrel per day cut, originally agreed in 2023 when the group included the UAE, which left OPEC in May.

OPEC+ is currently reviewing member states' oil production capacities to use as baselines for 2027 quotas.

Pausing increases after September will maintain output cuts dating back to 2022, totaling around 2 million barrels per day, until the group decides on additional quotas for members.

Some alliance members, such as Iraq, are pushing for higher individual quotas to reflect their greater production capacity.