OPEC+ to Increase Oil Production by 188,000 Barrels Per Day Starting September

Seven member countries of OPEC+, comprising the Organization of the Petroleum Exporting Countries and major non-OPEC allies, agreed on the 2nd (local time) to increase oil production by 188,000 barrels per day starting this coming September to stabilize the global crude oil market.

The OPEC Secretariat stated in a release that the seven countries—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—held a video conference on the same day to review global market conditions and outlooks before reaching this decision.

Under the shared goal of supporting the stability of the crude oil market, the seven nations decided to adjust their voluntary production cuts—announced in April 2023—by 188,000 barrels per day.

The production adjustment decided upon is scheduled to take effect in September.

These nations previously announced voluntary production cuts in April and November 2023, and this latest measure completes the phased rollback of those cuts.

When the 2023 agreement was made, the United Arab Emirates (UAE)—which withdrew from OPEC last May—was also included.

Prior to the meeting, OPEC+ sources had indicated that oil-producing countries were likely to pause production increases in the fourth quarter, but the official statement did not make direct mention of what agreements would be reached for the final three months of 2026.

Regarding this, Jorge Leon, an analyst at energy research firm Rystad, analyzed that a "temporary pause in production increases" remains a viable option.

He stated, "OPEC+ has completed the reversal of its voluntary production cuts. The next challenge is managing potential surplus volumes that could arise as export flows normalize."

He added, "With the production recovery movement now completed, OPEC+ has little incentive to rush further supply changes," and "It is expected that OPEC+ will pause production increases in the fourth quarter while preparing for the 2027 quota negotiations."

OPEC+ plans to continue holding regular monthly meetings to closely monitor conditions in the crude oil market.

The next meeting is scheduled for the 6th of next month.

OPEC also announced that a meeting of the Joint Ministerial Monitoring Committee (JMMC) panel was held that day.

Expressing repeated concerns regarding attacks on energy assets that occurred amid the war between the U.S.-Israel and Iran, the committee noted that "significant costs and time are required for restoration, which heavily impacts supply."

(Photo: AP, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.