OPEC+ plans to increase oil production quotas in September
2 August 19:08
The OPEC+ alliance has approved an increase in production quotas of 188,000 barrels per day starting in September, according to a statement on the OPEC oil export cartel’s website, as reported by "Komersant Ukrainian".
Seven key OPEC+ members—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman—have been increasing their monthly production quotas for most of this year. However, these increases remained largely on paper, as military actions in Iran and Ukraine disrupted exports from the Persian Gulf countries, Russia, and Kazakhstan.
The seven OPEC+ countries will continue to hold monthly meetings to analyze the market situation, with the next meeting scheduled for September 6, 2026, according to a statement released by the alliance on Sunday.
According to the statement, Russia’s quota for September will be 9.949 million barrels per day. After September, the group will likely suspend production increases until the end of the year, media sources had previously reported, as the alliance faces potentially difficult negotiations over new production quotas. On Sunday, the group did not announce its plans for after September.
A pause in quota increases after September means that the alliance will maintain production cuts of about 2 million barrels per day, as agreed upon by all group members in 2022.
The quota increase in September will complete the phased rollback of the 1.65 million barrels per day production cut, originally agreed upon in 2023, when the United Arab Emirates—which left OPEC in May—was still a member of the group.
The OPEC+ Alliance is reviewing its members’ oil production capacities to use them as baseline production figures for 2027, on the basis of which quotas are set.
Some members of the group, including Iraq, are pushing for higher quotas to reflect their increased production capacity.
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