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OPEC+ announced that its seven core members will lift collective oil output by 188,000 barrels per day in September following a virtual meeting held on August 2, 2026. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman participated in the session that focused on adjustments to voluntary reductions originally announced in April 2023. The group stated that the increase will also permit accelerated compensation for any overproduction while all participants recommitted to the full terms of the Declaration of Cooperation.
Reuters reported prior to the gathering that the September adjustment would complete the phased rollback of a 1.65 million barrels per day supply cut that the alliance had implemented in 2023. The news service added that similar monthly hikes of roughly the same volume had occurred in preceding months though actual export increases were constrained at times by regional conflicts. OPEC+ sources had signaled that the group intended to maintain this measured pace of unwinding the voluntary measures.
The seven producers affirmed their decision to hold monthly meetings to evaluate market conditions with the next session scheduled for September 6 according to the OPEC+ statement. These regular reviews enable the alliance to adjust policies in response to shifts in global supply demand balances and external factors affecting prices. Participants further emphasized their commitment to addressing any excess output recorded since January 2024 through corresponding reductions elsewhere.
The Joint Ministerial Monitoring Committee separately reviewed current global market conditions and highlighted the Declaration of Cooperation as essential for supporting energy market stability in its assessment. The committee stressed the importance of protecting international maritime routes to maintain uninterrupted energy flows to consumers around the world. Members expressed concern over attacks on energy infrastructure noting that repairs require substantial time and financial investment while simultaneously reducing available supply.
Such incidents or disruptions to shipping lanes tend to amplify market volatility and counteract the shared objective of achieving balanced conditions that benefit producers consumers and the global economy the JMMC warned. The committee examined crude oil production data for May and June 2026 concluding that overall compliance among OPEC and non-OPEC participants in the agreement remained robust. It reiterated plans to keep monitoring adherence to targets set at the 38th OPEC and non-OPEC Ministerial Meeting in December 2024 along with the additional voluntary cuts.
The 68th meeting of the Joint Ministerial Monitoring Committee is set for October 4, 2026 according to the established schedule. This forthcoming session will allow for further evaluation of compliance levels and discussion of any necessary policy adjustments. OPEC+ continues its coordinated approach amid ongoing geopolitical developments that have influenced production and export patterns in the Middle East.
