OPEC+
Expanded oil alliance (~37% of output); Novak chaired its 67th quota-review meeting, 2 August.
On 2 August, OPEC+ agreed a 188,000-barrel-a-day September adjustment, extending its monthly increase sequence and setting 6 September for its next ministerial.
Last refreshed: 22 September 2026 · Appears in 3 active topics
Does OPEC+ still matter after the UAE walked out?
Timeline for OPEC+
Reported Iran's crude output flat against a 24 per cent shortfall
Iran Conflict 2026: Iran's wells flat as Iraq adds 665 tb/dMet Novak separately across seven member states
Russia-Ukraine War 2026: Novak chairs OPEC+; diesel study waitsConfirmed a 188,000 b/d September adjustment for seven countries
European Oil Markets: OPEC release never mentions a pauseReuters sources point to an OPEC+ pause
European Oil MarketsMentioned in: Urals crude nearly triples in weeks
Russia-Ukraine War 2026Background
OPEC+ is an expanded alliance of oil-producing states that coordinates output policy. Its ministerial decisions matter because they set the declared supply PATH for a large share of internationally traded crude. The group was still approving monthly production adjustments in August 2026.
the Alliance joins OPEC members with non-OPEC producers, including Russia, around quota decisions. OPEC+ sets production policy without guaranteeing delivery of physical barrels. It sets targets, while members’ capacity, domestic conditions and transport routes determine how much oil can actually be supplied.
That distinction gives OPEC+ lasting importance in oil markets. A quota decision can reshape expectations for Brent even when producers cannot immediately meet the target. The 5 July 2026 increase illustrated that tension: the group added barrels on paper while the market questioned deliverability.
OPEC+ keeps raising output targets
On 5 July, OPEC+ approved a 188,000-barrel-a-day increase for August, its fourth consecutive monthly rise. The decision took the planned additions since April to roughly 800,000 barrels a day, while leaving open whether members could deliver the extra supply.
On 2 August, the group’s own release recorded another 188,000-barrel-a-day adjustment for September and fixed 6 September as the next meeting. It did not confirm the reported fourth-quarter pause, making the Secretariat’s communique the clearest record of OPEC+ policy.
Reference
Who controls OPEC+ and how are decisions made?
What did Alexander Novak discuss at the OPEC+ meeting on 2 August 2026?
Why did the UAE leave OPEC in 2026?
Is OPEC+ increasing oil production during the Iran war?
Why did Brent crude rise when the UAE left OPEC?
Why did Brent oil rise above $105 during the Iran conflict?
Why did Iraq consider leaving OPEC+?
How has the UAE's exit changed OPEC+?
Why is OPEC+ raising oil production despite falling prices?
