OPEC+ is expected to approve another increase in oil production on Sunday. The move will complete the group’s plan to reverse voluntary supply cuts introduced in 2023.
Sources said the alliance plans to raise production quotas by about 188,000 barrels per day (bpd) from September. After that, OPEC+ is likely to pause further increases for the rest of the year.
The increase will complete the phased rollback of a 1.65 million bpd voluntary production cut agreed in 2023. The seven participating countries are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
Output remains below target
OPEC+ has announced monthly quota increases for most of this year. However, many producers have not reached those levels.
Conflicts involving Iran, Ukraine and Russia have continued to disrupt exports. These disruptions have limited the amount of oil reaching global markets.
As a result, the September decision may not immediately increase global oil supply.
Members prepare for new quota talks
After September, OPEC+ plans to focus on setting production targets for the coming years.
The group is reviewing each member’s production capacity. Those figures will help determine oil quotas from 2027.
Some countries want larger production limits. Iraq is among the members seeking higher quotas after expanding its production capacity.
Even after the September increase, OPEC+ will keep around 2 million barrels per day of production cuts introduced in 2022. The group will decide later how to distribute additional supply among its members.
Oil-importing countries, including Sri Lanka, closely watch OPEC+ decisions. Higher or lower oil production can influence global crude prices. That can affect fuel costs, inflation and import bills.
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Last modified: August 2, 2026
