OPEC+ Lifts Voluntary Production Cuts
- 3.08.2026, 10:31
Oil production will be increased.
The OPEC+ alliance of seven countries—including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, decided on Sunday, August 2, to increase oil production quotas for September by 188,000 barrels per day.
This was announced in their press release. With this move, the “seven” have completed the return to the market of volumes previously cut as part of the second phase of voluntary production cuts (totaling 1.65 million barrels per day). The first phase—a cut of 2.2 million barrels per day—was phased out in September 2025.
Since 2023, the countries have deliberately restrained production to support oil prices; but they have now definitively abandoned this policy and are beginning preparations for negotiations on 2027 quotas involving the entire group, not just the “Group of Seven.”
“OPEC+ has completed the phase-out of voluntary production cuts. The next task will be to manage the excess supply that may arise as export flows normalize,” — as reported by CNBC quotes Rystad Energy analyst Jorge León.
“Having completed its production recovery campaign, OPEC+ has little incentive to rush into further supply adjustments. Our base case scenario calls for a pause in the fourth quarter while the group prepares for negotiations on 2027 quotas,” Leon said.
Despite the de facto abandonment of quotas, the Gulf countries that are part of OPEC+ are not yet able to increase production accordingly (in June, it actually fell to levels last seen in the late 1980s), since Iran blocked the Strait of Hormuz after the war began—a route through which about 20 million barrels of oil and petroleum products per day from the Persian Gulf were flowing to the global market. Russia is also significantly behind its quota following Ukrainian strikes on oil refineries.
Earlier reports indicated that on July 6, 2026, global oil prices fell slightly after OPEC+ countries agreed to increase their production targets starting in August.
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