OPEC, allies agree to up output by 188,000 bpd Sept in 6th consecutive hike
This story was originally published at 08:28 IST on 3 August 2026
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MUMBAI – Seven members of the Organisation of the Petroleum Exporting Countries and its allies agreed on Sunday to increase crude oil production by 188,000 barrels per day from September as part of the unwinding of the additional voluntary cuts announced in April 2023. The move is part of the group's collective commitment to support oil market stability, OPEC said in a release. The seven countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on Sunday to review global market conditions and outlook.
The countries noted that this measure would provide an opportunity for the participating countries to accelerate their compensation and also confirmed their intention to fully compensate for any overproduced volume from January 2024.
The 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. The seven-member countries of the organisation and their allies will meet again on Sept. 6.
The following table shows the required production by each of the seven member nations, in thousand barrels per day:
Country | Required production in September | Required production in August |
Algeria | 1,007 | 1,001 |
Iraq | 4,431 | 4,405 |
Kuwait | 2,676 | 2,660 |
Saudi Arabia | 10,478 | 10,416 |
Kazakhstan | 1,628 | 1,618 |
Oman | 841 | 836 |
Russia | 9,949 | 9,887 |
End
US$1 = INR 95.38
Reported by Krupa Biju
Edited by Saji George Titus
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