OPEC+ members agree to raise oil production quotas by 188,000 barrels per day starting August 2026
via Punch Nigeria2 min read
Seven OPEC+ members, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have decided to increase oil production quotas by 188,000 barrels per day, effective August 2026. This decision comes as Gulf countries recover from disruptions caused by the Middle East war, which had impacted oil exports through the Strait of Hormuz. Combined production from Saudi Arabia, Iraq, and Kuwait had previously fallen by approximately six million barrels per day between the first quarter of 2026 and May. Following a memorandum of understanding signed in June between Tehran and Washington to ensure maritime traffic in the Strait of Hormuz, ship transport in the region has begun to normalize, leading to a sharp drop in oil prices. Analysts note that current production is likely still below OPEC+ targets, and restarting shut-in production will take time. While July is expected to show improvement, August is anticipated to see an accelerated pickup in oil supplies. Looking ahead to next year, a surplus is expected, and rebuilding inventories will initially help absorb flows. However, producers may face downward pressure on prices later. The cohesion of OPEC+, already affected by the departure of the United Arab Emirates, could be tested as members push for increased production amid potentially sliding prices. Iraq has requested higher quotas to compensate for wartime shortfalls, though an analyst suggests this need is not immediate given current production levels and may b
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