OPEC+ approves 188,000 barrels/day production increase for September
New Delhi, August 3
OPEC+ has approved an increase in oil production of around 188,000 barrels per day for September 2026, as the producer group reaffirmed its commitment to supporting stability in the global oil market.
In an official statement, the seven OPEC+ countries that had previously announced additional voluntary production adjustments in April and November 2023 said they reviewed global market conditions and the outlook before taking the decision.
The participating countries - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman - agreed to implement a production adjustment of 188,000 barrels per day in September 2026 from the additional voluntary production cuts announced in April 2023.
The group said the production adjustment is aimed at supporting oil market stability while also allowing participating countries to accelerate compensation for earlier overproduction.
"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," the statement said.
The seven countries also reiterated their commitment to fully comply with the Declaration of Cooperation, including the additional voluntary production adjustments that continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC).
They further confirmed their intention to fully compensate for any overproduced volumes since January 2024, underscoring their commitment to maintaining agreed production targets.
According to the statement, the production increase will also provide participating countries with an opportunity to accelerate their compensation plans while maintaining overall market discipline.
The seven OPEC+ members stressed that they remain committed to supporting stability in the global oil market amid evolving market conditions.
"The seven OPEC+ 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)," the statement said.
OPEC+ said it will continue to hold monthly meetings to assess global oil market conditions and review production policy. The group's next meeting is scheduled to be held on September 6, 2026.
— ANI
Reader Comments
Every time OPEC+ increases production, we see headlines, but our fuel prices barely change. The government should also reduce excise duty and VAT on petrol and diesel. Otherwise, this increase won't mean much for the common Indian household.
As someone who works in the logistics sector, this is welcome news. High crude prices directly affect transportation costs which eventually impact everything from groceries to construction materials. A modest increase of 188,000 barrels won't cause a dramatic drop, but every bit helps.
India imports over 80% of its oil needs, so decisions like this matter a lot for our economy. But I wish OPEC+ would think more about the long-term impact on developing nations like India. Instead of these small incremental increases, they should focus on more substantial production hikes to truly stabilize prices.
Interesting to see OPEC+ maintaining this disciplined approach to production increases. The compensation mechanism for overproduction shows they're serious about market stability. From an Indian consumer perspective, we'd certainly benefit from any downward pressure on energy prices.
With the festive season approaching in India, cheaper fuel would be a blessing! Every rupee saved on petrol means more money for families to spend during Diwali and other celebrations. But I'm not getting my hopes up until I see actual prices dropping at the pump.
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