The Organization of the Petroleum Exporting Countries and its allies (OPEC+) has approved a 188,000 barrels per day (bpd) increase in oil production quotas for September, marking the fourth consecutive monthly output hike as the producer group continues unwinding supply cuts introduced in 2023.
- +OPEC+ approves fourth consecutive 188,000 bpd output hike for September
The decision was announced on Sunday following a virtual meeting involving seven key members led by Saudi Arabia and Russia.
The decision was announced on Sunday following a virtual meeting involving seven key members led by Saudi Arabia and Russia.
The September increase completes, at least on paper, the reversal of one layer of production cuts introduced in 2023, when OPEC+ sought to prevent a global oil glut.
The alliance is also expected to keep production quotas unchanged for the rest of the year after the September increase as it assesses global market conditions.
The latest adjustment extends OPEC+’s gradual strategy of restoring crude supplies to the global market, even as ongoing tensions involving Iran continue to disrupt oil production and exports across parts of the Middle East.
OPEC+ has continued raising production quotas despite the conflict involving Iran because the approved increases have had limited impact on actual oil supply.
The alliance is expected to pause further production increases after September, although the plan could still change depending on market conditions and geopolitical developments.
The September increase follows OPEC+’s decision to raise production quotas by 188,000 barrels per day for August, extending the alliance’s phased strategy of gradually returning crude supplies to the market.
However, much less of that supply has been restored in reality because many OPEC+ countries lack the capacity to increase production significantly, with Saudi Arabia continuing to hold most of the alliance’s spare production capacity.
The latest OPEC+ decision comes as Nigeria continues to strengthen its position within the alliance by consistently exceeding its assigned crude oil production quota, a trend that supports the Federal Government’s broader oil production and revenue targets.
The improving production trend is already translating into stronger financial results for the national oil company. NNPC Limited recorded a profit after tax of N535 billion in June 2026, up 15.8% from N462 billion in May, according to its latest monthly financial and operations report.
The company also reported N4.39 trillion in revenue for June, with the profit representing its highest monthly earnings since August 2025.
For Nigeria, the combination of higher crude production, stronger NNPC profitability, and OPEC+’s continued restoration of supply reinforces the government’s strategy of using increased oil output to boost fiscal revenues, support foreign exchange earnings, and improve its chances of meeting the production assumptions underpinning the 2026 budget.
