RIYADH: Saudi Arabia, Russia and five other key members of OPEC+ agreed on Sunday in an online meeting to boost oil production by 188,000 barrels a day from September, amidst supply disruption caused by the Middle East war.
“The seven participating countries decided to implement a production adjustment of 188 thousand barrels per day,” the OPEC+ countries said in a joint statement.
The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on 2 August 2026 to review global market conditions and outlook.
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in September 2026 as detailed in the table below,” they said in their joint statement.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability.
Read press release ➡️https://t.co/ham8QQ9Obl
— OPEC (@OPECSecretariat) August 2, 2026
The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC).
They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
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The seven OPEC+ countries will continue to hold monthly meetings to review market conditions. The next meeting will be held on 6 September 2026.
Disruptions to shipping through the Strait of Hormuz have constrained oil exports from Gulf producers and added uncertainty to global energy supplies.
Energy consultancy Rystad Energy said the September increase is likely to be the last under the current production adjustment plan, after which OPEC+ is expected to shift its focus to negotiations over production baselines and quota allocations for 2027.
OPEC+ is reviewing each member’s maximum sustainable production capacity, a process expected to shape a new quota framework from 2027.
The group’s coordinated production management has helped reduce extreme price volatility since the pandemic and reinforced its central role in balancing global oil markets.
