Seven OPEC+ countries agreed to raise their combined oil production target by 188,000 barrels per day for September, continuing a monthly pattern of increases that has run since March. The rise splits unevenly across Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, and comes as a separate OPEC+ committee flagged risks to energy infrastructure and shipping routes.
Seven OPEC+ countries agreed on Sunday to raise their September production target by 188,000 barrels per day, extending a run of monthly quota increases that has continued since March. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman made the call during a virtual meeting held on August 2.
Saudi Arabia and Russia carry the largest share
September's increase breaks down unevenly among the seven countries. Saudi Arabia and Russia each add 62,000 barrels per day, while Iraq adds 26,000, Kuwait 16,000, Kazakhstan 10,000, Algeria 6,000, and Oman 5,000. Required production for September now stands at 10.478 million barrels per day for Saudi Arabia and 9.949 million for Russia, with Iraq at 4.431 million, Kuwait at 2.676 million, Kazakhstan at 1.628 million, Algeria at 1.007 million, and Oman at 841,000 barrels per day.
September's rise matches five prior months
This September rise matches the monthly output boosts these seven countries announced in July, June, May, April, and March. A February statement on OPEC's site said the group had reaffirmed a decision to pause production increments in March 2026 due to seasonality. The group last changed shape when the United Arab Emirates withdrew from OPEC and OPEC+, effective May 1.
Officials said the latest increase gives the seven countries room to accelerate compensation for past overproduction. According to OPEC's statement, the group confirmed its intention to "fully compensate for any overproduced volume since January 2024". The countries plan to keep meeting monthly to review supply and demand conditions, with the next session set for September 6.
Monte Safieddine, head of market research at Capital.com, told Rigzone that reaching the higher output target and getting it to market will be difficult amid the current strained atmosphere in crude oil markets.
JMMC flags risk to energy infrastructure
A separate committee, the Joint Ministerial Monitoring Committee, held its 67th meeting on August 2 with Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria, and Venezuela. The committee stressed the importance of safeguarding international maritime routes that carry energy supplies. It also raised concern over attacks on energy infrastructure, noting that restoring damaged assets is both costly and slow, which affects overall supply availability.
The JMMC reviewed crude output data for May and June and reaffirmed overall conformity among participating countries. It also said it will keep monitoring compliance with the adjustments set at the December 2024 OPEC and non-OPEC ministerial meeting.
Source: Rigzone
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