Seven Opec+ members have agreed to raise oil production by a combined 188,000 barrels per day (bpd) in September 2026, following a virtual meeting to assess global market conditions and the outlook.

The countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, said the increase forms part of the gradual unwinding of additional voluntary production cuts first announced in April 2023.

The move is intended to support oil market stability while allowing participating members to accelerate compensation for previous overproduction.

The group reaffirmed its commitment to full compliance with the Opec+ Declaration of Cooperation and the additional voluntary production adjustments, with implementation and conformity to be monitored by the Joint Ministerial Monitoring Committee (JMMC).

The seven producers also reiterated their pledge to fully compensate for any excess output recorded since January 2024.

They agreed to continue reviewing market developments through monthly meetings, with the next session scheduled for 6 September 2026. -OGN/TradeArabia News Service