Seven OPEC+ members approve a 188,000 barrel a day unwind of voluntary cuts for September

Seven members of the OPEC+ alliance, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, met virtually on Sunday 2 August 2026 (11 Mordad 1405) and decided to unwind 188,000 barrels a day of the 1.65 million barrel a day voluntary supply cut announced in April 2023. The increase will be implemented in September 2026.

According to the OPEC Secretariat, the seven countries noted that the move gives participating producers an opportunity to accelerate their compensation plans, and reaffirmed their intention to fully compensate for production above quota since January 2024.

The group will hold monthly meetings to review market conditions, conformity and compensation, and will next convene on 6 September 2026 (15 Shahrivar 1405). Alongside the status of the Strait of Hormuz, the OPEC+ supply path is one of the main variables shaping crude prices for Iran's markets.