Seven OPEC+ countries will increase oil production in September
Seven OPEC+ countries have agreed to increase their oil production targets by 188,000 barrels per day in September 2026. This was reported on the organization’s official website.
The countries involved are Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman. OPEC noted that the decision was made as part of collective commitments to support the stability of the global oil market.
According to the statement, the increase in production will be part of the additional voluntary adjustments announced by member countries back in April 2023. In September, production volumes will rise by 188,000 barrels per day.
The organization emphasized that this step will allow member countries to accelerate the process of offsetting previous overproduction.
In addition, seven countries confirmed their intention to fully comply with the terms of the Declaration on Cooperation and to make up for all production volumes that exceeded the established quotas starting in January 2024. The Joint Ministerial Monitoring Committee (JMMC) will oversee compliance with these commitments.
This is stated on the OPEC website.
As a reminder, the OPEC+ group of oil producers is preparing to agree on Sunday to another increase in production targets for “black gold,” which is set to begin in August.
Global oil prices continued to fall on July 30, despite a new wave of tensions and attacks in the Persian Gulf region. Investors focused not only on military risks but also on the stability of crude oil supplies via the region’s key maritime routes.
