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Wednesday, September 2, 2026 · UTC
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OPEC+ seven raises September oil output quota by 188,000 bpd as voluntary cut phaseout ends

OPEC+ seven raises September oil production quota by 188,000 bpd to 31.01 million bpd, finishing its voluntary cut phaseout.

TruthFoundry News Desk
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As of 2026-09-02 15:39 UTC. Market figures are as the cited sources reported them at that time and may have moved since. This is news, not investment advice.
The OPEC+ seven (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) will raise their September 2026 oil production quota by 188,000 barrels per day compared with August 2026, bringing the monthly quota to 31.01 million bpd, according to OPEC data and TASS calculations. [1] International oil prices recorded new gains during the Asian trading session on September 1, 2026, driven by escalating tensions between the United States and Iran. [2] Russian Deputy Prime Minister Alexander Novak stated on September 2 that OPEC+ does not plan to discuss new voluntary oil production cuts because the global oil market is currently in a supply deficit. [3] The OPEC+ seven will complete the phaseout of its 1.65 million bpd voluntary oil production cut in September 2026, fully returning withheld volumes to the market, with the remaining cut totaling about 1.5 million bpd excluding the UAE's share after its withdrawal. [4] The United Arab Emirates withdrew from OPEC and OPEC+ on May 1, 2026, leaving the group as a seven-country format in which the voluntary production cut of 1.65 million bpd is about 1.5 million bpd excluding the UAE's quota. [5] Brent crude futures for November delivery rose 1.1 percent to 91.51 dollars per barrel, while West Texas Intermediate (WTI) increased 1.4 percent to 86.99 dollars per barrel. [6] Energy analysts identified the Strait of Hormuz as the primary concern, noting that any disruption to this maritime corridor could delay crude exports from the Middle East and further pressure international prices. [7] US President Donald Trump warned of potential new attacks against Iran following a military escalation that included US actions against targets on Larak Island and a subsequent Iranian missile response targeting US facilities in Jordan. [8]
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  1. The OPEC+ seven (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) will raise their September 2026 oil production quota by 188,000 barrels per day compared with August 2026, bringing the monthly quota to 31.01 million bpd, according to OPEC data and TASS calculations. · TASS
  2. International oil prices recorded new gains during the Asian trading session on September 1, 2026, driven by escalating tensions between the United States and Iran. · El Heraldo de México
  3. Russian Deputy Prime Minister Alexander Novak stated on September 2 that OPEC+ does not plan to discuss new voluntary oil production cuts because the global oil market is currently in a supply deficit. · TASS
  4. The OPEC+ seven will complete the phaseout of its 1.65 million bpd voluntary oil production cut in September 2026, fully returning withheld volumes to the market, with the remaining cut totaling about 1.5 million bpd excluding the UAE's share after its withdrawal. · TASS
  5. The United Arab Emirates withdrew from OPEC and OPEC+ on May 1, 2026, leaving the group as a seven-country format in which the voluntary production cut of 1.65 million bpd is about 1.5 million bpd excluding the UAE's quota. · TASS
  6. Brent crude futures for November delivery rose 1.1 percent to 91.51 dollars per barrel, while West Texas Intermediate (WTI) increased 1.4 percent to 86.99 dollars per barrel. · El Heraldo de México
  7. Energy analysts identified the Strait of Hormuz as the primary concern, noting that any disruption to this maritime corridor could delay crude exports from the Middle East and further pressure international prices. · El Heraldo de México
  8. US President Donald Trump warned of potential new attacks against Iran following a military escalation that included US actions against targets on Larak Island and a subsequent Iranian missile response targeting US facilities in Jordan. · El Heraldo de México
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