Archive · 3 Aug 2026
OPEC+ Raises Oil Output 188,000 bpd, Impact on India
OPEC+ is a group of oil‑producing countries that decided to make more oil available in September.
They added 188,000 barrels of oil each day, which is a lot of extra fuel for the world.
This move helps keep oil prices lower, which is good for India because it buys most of its oil from abroad.
Lower oil prices can help keep India’s money (the rupee) stronger and stop prices of gas and diesel from rising too much.
The group still has a big cut in place that will stay until the end of the year, and they are planning new rules for 2027.
OPEC+ approved a 188,000 bpd increase in September, ending its 2023 voluntary cuts.
The rise follows months of gradual hikes but earlier increases were limited by Gulf war and Russian/Kazakh disruptions.
Core members Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, Oman led the decision after UAE left OPEC.
OPEC+ still maintains a 2 million bpd cut from 2022, expected to stay until year‑end, and is reviewing capacities for 2027 quotas.
The increase could lower global crude prices, easing India’s import bill and supporting its rupee and inflation.
- Who
- OPEC+ core members including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman
- What
- approved a 188,000 barrels per day increase in oil production for September
- When
- September 2024
- Where
- global oil market, with India as a major importer
- Why
- to finish unwinding voluntary cuts and manage potential surplus
- OPEC+ production increase
- 188,000 barrels per day
- Effective month
- September 2024
- Core members
- Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, Oman
- Remaining cut
- 2 million barrels per day
- India impact
- potential lower import costs and rupee support