OPEC+ to weigh a 188,000 barrel a day September output increase at its 2 August meeting

Sources told Reuters in a report published on Saturday, 25 July 2026, that seven key OPEC+ producers are likely to approve a 188,000 barrel a day increase in their September output ceiling when they meet on 2 August, matching the increases already approved for June, July and August.

The seven are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. Approving the September quota would effectively complete the unwinding of the 1.65 million barrel a day voluntary cut adopted in 2023; by Reuters calculations the group has restored roughly 1.15 million barrels a day of quotas since April.

The catch is that quotas have been rising while actual production has moved the other way: on OPEC's own figures, the group pumped 36.28 million barrels a day in June, against close to 43 million barrels a day before the war began in February. OPEC+ supply policy matters directly to Iran, a member of the organisation, through global oil prices and export revenue.