Seven OPEC+ Countries Agree to Raise Oil Output by 188,000 bpd from September
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Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman decided on August 2 to boost collective oil production by 188,000 barrels per day starting in September. The move aims to stabilize global crude markets and accelerate compensation for past overproduction. The group will reconvene on September 6 to reassess market conditions.
The Decision
The seven OPEC+ members held a virtual meeting on August 2 and agreed to raise combined output by 188,000 barrels per day effective September 2026, according to an OPEC statement. Kazakhstan’s quota is set at 1.628 million bpd, while Saudi Arabia and Russia will produce up to 10.478 million and 9.949 million bpd, respectively. Oman holds the smallest allocation at 841 bpd. The adjustment falls under the additional voluntary production cuts first announced in April and November 2023.
Market Stabilization
The group reaffirmed its commitment to the Declaration of Cooperation and the collective effort to maintain balanced oil markets. Participants stated that the September adjustment creates conditions for faster compensation of previously exceeded quotas. The voluntary production management framework remains a tool to respond to shifting global demand and supply dynamics.
Compliance and Compensation
The countries also confirmed their intention to fully compensate for any overproduction since January 2024, with compliance monitored by the Joint Ministerial Monitoring Committee (JMMC), as reported by Orda.kz. The accelerated compensation plan is designed to offset accumulated excess barrels and reinforce the credibility of the OPEC+ supply management agreement. The group emphasized that all future overproduction will be promptly addressed under the same mechanism.
What's Next
The next monthly ministerial meeting of the seven nations is scheduled for September 6, 2026, to analyze market conditions. It remains uncertain whether the planned output increase will fully materialize or if further adjustments will be needed depending on global demand signals.
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Seven OPEC+ Countries Agree to Raise Oil Output by 188,000 bpd from September
