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Seven OPEC+ countries decided on 2 August 2026 to raise oil output by 188,000 barrels per day for September.
The seven are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
The same group had approved an identical 188,000 bpd increase for August at its meeting on 5 July 2026.
The increases continue the gradual unwinding of additional voluntary production cuts introduced in April 2023.
The group said the decision reflects its commitment to oil market stability.
OPEC, the Organization of the Petroleum Exporting Countries, is a cartel of oil-producing states founded in 1960 and headquartered at Vienna, which coordinates production among its members to influence prices. OPEC+ is the wider grouping formed when OPEC members began coordinating with non-member producers, most importantly Russia. The mechanism works through production quotas: by collectively withholding or releasing barrels, the group attempts to keep prices within a range acceptable to its members. Its difficulty is that every member has an incentive to exceed its quota once prices rise, so the arrangement depends on compliance that cannot be enforced.
Simple Analogy: It works like sellers in a market agreeing to limit how much each brings to the stall. It holds the price up only for as long as nobody quietly brings extra.
General Awareness > International Economy and Commodities
GS Paper 3 > Indian Economy; GS Paper 2 > International Groupings
General Awareness > International Organisations
The Organization of the Petroleum Exporting Countries, founded in 1960 and headquartered at Vienna.
The wider grouping of OPEC members and allied non-member producers, most significantly Russia.
The output ceiling allotted to each member, the instrument through which the group influences prices.
The standard unit for measuring crude oil production rates.