OPEC+ approved an increase of about 188,000 barrels per day (bpd) in oil production quotas for September, completing the phased rollback of voluntary supply cuts introduced in 2023, according to Reuters. Announced on Sunday, the decision applies to the group’s core producers, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. Despite successive monthly output increases throughout 2026, the additional supply has had only a limited impact on global markets because export disruptions linked to the wars involving Iran and Ukraine have affected shipments from the Gulf region, Russia and Kazakhstan. The producer alliance is also reviewing members’ oil production capacity ahead of setting 2027 output baselines, a process expected to involve difficult negotiations as several countries, including Iraq, seek higher production quotas to reflect increased production capacity. OPEC+ consists of 21 oil-producing countries, including members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC allies led by Russia.