OPEC+, a collaboration between OPEC and other oil-producing nations, has approved a production increase of 188,000 barrels per day (bbl/d) for September 2026, completing the phased rollback of the additional voluntary output cuts introduced in 2023 by seven key member countries.

The decision was made during a virtual meeting on August 2 attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, which reviewed global oil market conditions and the outlook.

The production adjustment is part of the group’s continued efforts to support oil market stability while allowing participating countries to accelerate compensation for previous overproduction, according to a release by the Organization of Petroleum Exporting Countries (OPEC). 

The seven countries reaffirmed their commitment to full compliance with the Declaration of Cooperation (DoC), including compensating for any excess production since January 2024.

The September increase marks the completion of the gradual unwinding of the 1.65 million bpd voluntary production cuts first agreed in 2023. However, another layer of OPEC+ production cuts totaling around 2 million bpd, introduced in 2022, remains in place and is scheduled to continue through the end of 2026.

Separately, the 67th Joint Ministerial Monitoring Committee (JMMC) met via videoconference on August 2 to assess compliance with production agreements and review crude oil production data for May and June 2026.

The committee reaffirmed the importance of the Declaration of Cooperation in maintaining market stability and stressed the need to safeguard international maritime routes to ensure uninterrupted energy supplies.

The JMMC also expressed concern over attacks on energy infrastructure, warning that restoring damaged facilities is costly and time-consuming, reducing supply availability and increasing market volatility. It said disruptions to energy infrastructure or international shipping routes undermine collective efforts to stabilize oil markets.

The committee confirmed it will continue monitoring compliance with agreed production adjustments and retains the authority to convene additional meetings if market conditions require.

The next meeting of the seven participating OPEC+ countries is scheduled for September 6, while the 68th JMMC meeting will take place on October 4.