OPEC+ Announces Production Increase to Stabilize Oil Market
On August 2, 2026, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, announced a production increase of 188,000 barrels per day starting in September 2026. This decision was made during a virtual meeting involving key member countries such as Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The increase marks the sixth consecutive monthly rise in production, completing the group's planned return of voluntarily withheld barrels to the market. The move is part of a broader strategy to support oil market stability and is in line with the additional voluntary adjustments announced in April 2023. The Joint Ministerial Monitoring Committee (JMMC) will oversee the implementation of these adjustments, ensuring compliance with the Declaration of Cooperation. 
