The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have approved another production quota increase for crude oil. Under the agreement, Algeria will raise its daily extraction by 6,000 barrels per day starting in September, reaching a total output of 1.007 million barrels per day. Overall, the coalition decided to expand aggregate production by a margin consistent with recent months, adding 188,000 barrels per day over the same timeframe.
As projected by market analysts, the decision to raise output targets was finalized Sunday during a ministerial monitoring session focused on verifying compliance with decisions established under the Declaration of Cooperation (OPEC+). Minister of State, Minister of Hydrocarbons Mohamed Arkab joined the proceedings via video conference alongside the CEO of Sonatrach and the acting head of the National Agency for the Valorization of Hydrocarbon Resources (ALNAFT), according to an official ministry statement.
The coordination meeting among nations implementing voluntary cuts—specifically Saudi Arabia, Iraq, Kazakhstan, Kuwait, Algeria, the Sultanate of Oman, and Russia—concluded with an agreement to gradually lift collective production by 188,000 barrels per day starting in September 2026. This measure proceeds with the phased unwinding of voluntary reductions maintained since April 2023.
“Under this resolution, Algerian crude production will rise by 6,000 barrels per day in September, attaining an aggregate output of 1.007 million barrels per day.”
Participating oil ministers reaffirmed their shared commitment to maintaining tight coordination across all seven nations, emphasizing the necessity of continuous monitoring and vigilance regarding shifts in global energy markets.
Minister Arkab subsequently attended the 67th session of the Joint Ministerial Monitoring Committee (JMMC), bringing together representatives from Algeria, Saudi Arabia, Iraq, Kuwait, Nigeria, Kazakhstan, Russia, and Venezuela. The panel assessed adherence levels among participating states regarding their voluntary cut obligations for May and June 2026, commending ongoing compliance efforts.
Delegates reiterated that strict and sustained adherence to shared policies remains a cornerstone for maintaining global market stability. This supply expansion comes amid a complex geopolitical environment dominated by conflict in the Middle East, which has constrained Gulf production due to maritime traffic disruptions along the Strait of Hormuz.
Crude prices registered moderate gains over recent trading sessions, propelled by the regional expansion of Middle East hostities. Brent crude for September delivery climbed 1.22% to settle at $90.12 per barrel on Friday, the week’s final trading day. Meanwhile, West Texas Intermediate (WTI) crude for September delivery advanced 1.29% to close at $84.67 per barrel.