New Delhi, Aug. 2 -- Organization of the Petroleum Exporting Countries (OPEC) on Sunday (2 August) approved an increase in oil production quotas of around 188,000 barrels per day (bpd) for September, marking the completion of the phased reversal of one layer of voluntary output cuts introduced in 2023.

The decision was taken by the group's core production management members-Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. Despite a series of monthly output increases throughout 2026, disruptions to exports from the Gulf, Russia and Kazakhstan caused by the wars involving Iran and Ukraine have meant that much of the additional supply has had only a limited impact on global oil markets.

The September quota increase complet...