Seven OPEC+ Countries Confirm September Oil Output Increase

Seven OPEC+ countries, including Kazakhstan, have formally agreed to raise their combined oil production target by 188,000 barrels per day in September 2026. The decision follows earlier reports that the increase would be considered at their August 2 meeting, Orda.kz reports.

Kazakhstan, Saudi Arabia, Russia, Iraq, Kuwait, Algeria and Oman approved the increase during a virtual meeting on August 2. The countries reviewed current conditions and the outlook for the global oil market.

They reaffirmed their collective commitment to full compliance with the OPEC+ Declaration of Cooperation, including the additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC).

According to an OPEC+ statement, the September increase is intended to support oil market stability. It will reverse 188,000 barrels per day of the additional voluntary cuts announced in April 2023.

The group said the measure would also allow participating countries to accelerate compensation for previous overproduction. They pledged to fully compensate for all production above their agreed limits since January 2024.

The seven countries will continue meeting monthly to assess market conditions. Their next meeting is scheduled for September 6.

The JMMC separately expressed concern about attacks on energy infrastructure. The committee noted that restoring damaged facilities can require considerable time and money, reducing the amount of energy available to the market.

It also warned that attacks on infrastructure and disruptions to international shipping routes increase market volatility and undermine efforts to maintain market stability.

The ongoing U.S.–Iran conflict continues to limit some members’ ability to raise actual production. Higher targets may therefore not lead to an immediate increase in supply of the same size.

Original author: Rimma Karatayeva

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