OPEC+ increases oil production in September - Completes lifting of voluntary cuts
OPEC+ approved an increase in oil production quotas of about 188,000 barrels per day starting in September, the producer group said, in a move that ends the lifting of voluntary production cuts.
Due to export disruptions from the Gulf, Russia and Kazakhstan caused by the wars in Iran and Ukraine, consecutive monthly OPEC+ increases for most of this year have remained largely on paper with little impact on the market.
The September increase agreed by the main OPEC+ members - Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman - ends the gradual reduction of 1.65 million barrels per day, which was originally agreed in 2023.
Although OPEC+ sources said before the meeting that the group could halt production growth for the fourth quarter, its statement made no reference to what might be agreed for the final three months of 2026.
OPEC+ reiterated concern about attacks on energy assets during the US-Israeli war against Iran, saying they were costly and time-consuming to repair and thus had an impact on supply.
With the September production increase agreed, OPEC+ still has another round of production cuts in place that apply to most members of the group. Those cuts of roughly 2 million barrels per day date back to 2022 and will remain in place until the end of this year.
OPEC+ is conducting a review of its members' oil production capacity, which will be used for the 2027 production baselines from which quotas are determined.
It faces potentially difficult talks over new production quotas, with some members, including Iraq, seeking higher individual quotas to reflect their higher capacity.
OPEC+ includes 21 members, including the Organization of the Petroleum Exporting Countries along with Russia and other allies.
In recent years, only the seven major countries and the United Arab Emirates, until their departure, have been involved in monthly production management.
The seven members will hold their next meeting on September 6th.
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