OPEC+'s seven core members agreed to raise oil output by 188,000 barrels per day in September, completing the phased rollback of a 1.65 million bpd supply cut first agreed in 2023. The decision comes as the United Arab Emirates' exit from the group adds complexity to quota talks, and as President Trump points to a possible deal over the Strait of Hormuz.
OPEC+ said on Sunday its seven core members agreed to raise crude oil production by 188,000 barrels per day in September, part of ongoing efforts to maintain market stability. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman held a virtual meeting on Sunday to assess global market conditions.
The increase applies to the voluntary adjustments the countries first announced in April 2023, and participating nations said the move lets them accelerate compensation for previous production levels. The group also confirmed its commitment to full conformity with the Declaration of Cooperation, which covers additional voluntary adjustments monitored by the Joint Ministerial Monitoring Committee. The seven countries said they intend to fully compensate for any volumes produced above agreed levels since January 2024.
This hike completes the phased rollback of a 1.65 million bpd voluntary supply cut first agreed in 2023, when the group still counted the United Arab Emirates among its members. The UAE left OPEC in May 2026, adding structural complexity to quota negotiations just as the alliance prepares to close this chapter of supply management.
Separately, President Donald Trump said on Saturday that Middle Eastern allies had reached the outline of a deal that could end hostilities, including provisions to reopen the Strait of Hormuz. The prospective agreement eases concerns over a prolonged disruption to one of the world's most important oil shipping routes.
Source: Commodities & Futures News
Trading involves risk.
Risk Disclaimer
