Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman decided, in a virtual meeting held on Sunday, to increase their production target by almost 190,000 barrels per day in September, a statement posted on OPEC’s website yesterday revealed.
“The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023 … met virtually on 2 August 2026, to review global market conditions and outlook,” the statement said.
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188,000 barrels per day from the additional voluntary adjustments announced in April 2023,” it added, noting that this adjustment will be implemented in September.
According to a table accompanying the statement, the 188,000 barrel per day production target increase in September comprises a 62,000 barrel per day increase from both Saudi Arabia and Russia, a 26,000 barrel per day increase from Iraq, a 16,000 barrel per day increase from Kuwait, a 10,000 barrel per day increase from Kazakhstan, a 6,000 barrel per day increase from Algeria, and a 5,000 barrel per day increase from Oman.
The monthly production target increases for these seven OPEC+ countries are identical to monthly output quota boosts announced for these countries in separate OPEC statements released in July, June, May, April, and March. A statement posted on OPEC’s site in February revealed that Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman had “reaffirmed their decision on 2 November 2025 to pause production increments in March 2026 due to seasonality”.
OPEC+’s meeting on May 3 marked the group’s first since the UAE Ministry of Energy and Infrastructure announced, in a statement posted on its X page which was translated from Arabic, that the country had made a decision to withdraw from OPEC and OPEC+, effective May 1.
The table accompanying the statement published on OPEC’s site on Sunday showed September’s “required production” is 10.478 million barrels per day for Saudi Arabia, 9.949 million barrels per day for Russia, 4.431 million barrels per day for Iraq, 2.676 million barrels per day for Kuwait, 1.628 million barrels per day for Kazakhstan, 1.007 million barrels per day for Algeria, and 841,000 barrels per day for Oman.
The seven OPEC+ countries noted that the latest production quota increase measure will provide an opportunity for the participating countries to accelerate their compensation, the statement outlined.
“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),” the statement noted.
“They also confirmed their intention to fully compensate for any overproduced volume since January 2024,” it added.
The seven OPEC+ countries will continue to hold monthly meetings “to review market conditions”, according to the statement, which revealed that the next meeting will be held on September 6.
In a market analysis sent to Rigzone on Monday, Monte Safieddine, Head of Market Research at Capital.com, highlighted that OPEC+ had agreed to a 188,000 barrel per day oil production quota increase for September but pointed out that “there’s the matter of reaching that output, combined with getting it to market in the current strained atmosphere”.
JMMC Meeting
A separate statement posted on OPEC’s site on August 2 revealed that the JMMC, comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria, and Venezuela held its 67th Meeting via videoconference that day.
“The JMMC reviewed current market conditions and emphasized the essential role of the Declaration of Cooperation in supporting the stability of global energy markets,” this statement noted.
“In this context, the Committee highlighted the critical importance of safeguarding international maritime routes to ensure the uninterrupted flow of energy,” it added.
“It also expressed concern regarding attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is both costly and takes a long time, thereby affecting overall supply availability,” it continued.
“Accordingly, the Committee stressed that any actions undermining energy supply security, whether through attacks on infrastructure or disruption of international maritime routes, increase market volatility and weaken the collective efforts under the DoC to support market stability for the benefit of producers, consumers, and the global economy,” it went on to state.
According to the statement, the JMMC reviewed crude oil production data for the months of May and June and noted the overall conformity for OPEC and non-OPEC countries participating in the Declaration of Cooperation.
“The Committee also reaffirmed that it will continue to monitor adherence to the production adjustments decided upon at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on December 5, 2024, and the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries as agreed upon in the 52nd JMMC held on February 1, 2024,” the statement said.