OPEC+ is set to approve another oil production quota increase of around 188,000 barrels per day (bpd) in September, marking the completion of its planned rollback of voluntary supply cuts before pausing further output increases for the rest of the year.
Sources said the decision, expected to be endorsed on Sunday, will conclude the phased unwinding of a 1.65 million bpd voluntary production cut agreed in 2023 by seven core OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
The producer group has been raising monthly production quotas for most of this year, although much of the additional supply has remained on paper due to export disruptions caused by the wars involving Iran and Ukraine.
Following the September increase, OPEC+ is expected to hold production steady for the remainder of 2026 as it prepares for negotiations over new production quotas.
The alliance is currently reviewing members’ oil production capacities, which will be used to determine production baselines for 2027.
Despite the latest increase, around 2 million bpd of production cuts introduced in 2022 will remain in place until OPEC+ decides how additional supply should be allocated among member countries.
The upcoming quota talks are expected to be closely watched, with some producers, including Iraq, seeking higher individual production limits to reflect increased output capacity.
