OPEP+ is set to approve a production increase of 188,000 barrels per day for September 2026 during a virtual meeting of its seven core members on August 2. This increase represents the final tranche of unwinding voluntary cuts of 1.65 million bpd agreed upon in 2023. The organization will then maintain a pause of at least three months on any further quota adjustments, while keeping roughly 2 million bpd in additional cuts in place. An internal review of production capacity will determine new targets for January 2027. Geopolitical tensions between the United States, Israel, and Iran have already constrained the theoretical production increases planned for June, July, and August 2026.
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