VIENNA — Seven OPEC+ countries agreed on Sunday to increase oil production by 188,000 barrels per day (bpd) in September.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman decided during a virtual meeting to implement the production adjustment as part of the additional voluntary output reductions first announced in April 2023.
The countries said the increase would also allow participating members to accelerate compensation for previous overproduction, while reaffirming their commitment to fully comply with the OPEC+ Declaration of Cooperation and compensate for any excess production since January 2024.
The seven producers agreed to continue holding monthly meetings to assess market conditions, with their next meeting scheduled for Sept. 6.
Separately, the Joint Ministerial Monitoring Committee (JMMC) reviewed global market conditions and stressed the importance of the Declaration of Cooperation in supporting energy market stability.
The committee highlighted the need to safeguard international maritime routes to ensure the uninterrupted flow of energy supplies and expressed concern over attacks on energy infrastructure, warning that restoring damaged facilities is costly, time-consuming and reduces available supply.
It said attacks on energy infrastructure or disruptions to international shipping routes increase market volatility and undermine collective efforts to stabilize markets for the benefit of producers, consumers and the global economy.
The JMMC also reviewed crude oil production data for May and June 2026, noting overall compliance among OPEC and non-OPEC countries participating in the Declaration of Cooperation.
The committee reaffirmed that it will continue monitoring compliance with production adjustments agreed at the 38th OPEC and non-OPEC Ministerial Meeting in December 2024, as well as the additional voluntary production cuts announced by participating countries.
The 68th JMMC meeting is scheduled for Oct. 4, 2026.
Source: Saudi Gazette