The seven OPEC+ countries (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) have decided to increase by 188 kb/d their production quotas established back in April 2023 (OPEC+ press release, 02/08/2026).
According to the announcement, starting on September 2026, the combined target production levels and their respective increases are set as follows: Saudi Arabia (10.4 mb/d, +62 kb/d), Russia (9.9 mb/d, +62 kb/d), Iraq (4.4 mb/d, +26 kb/d), Kuwait (2.7 mb/d, +16 kb/d), Kazakhstan (1.6 mb/d, +10 kb/d), Algeria (1 mb/d, +6 kb/d), and Oman (841 kb/d, +5 kb/d).
The group had already decided to increase production by the same proportion in May, June and August 2026 (KEI, 07/07/2026). The members plan to continue with monthly reviews of the market to pursue their objective to gradually phasing out the voluntary cuts made since 2023 to support oil prices.
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.