OPEC+ raises August output 188,000 bpd
Analysis based on 108 articles · First reported Mar 09, 2018 · Last updated Jul 06, 2026
Oil prices have declined to pre-war levels as supply concerns ease, with Brent Crude trading near $72 per barrel. The gradual reopening of the Strait of Hormuz and increased OPEC+ output are expected to further pressure prices, though actual production recovery remains uncertain.
OPEC+ agreed on July 5, 2026, to increase oil production quotas by 188,000 barrels per day (bpd) for August, the fifth consecutive monthly increase. The seven core members—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman—have raised quotas by nearly 800,000 bpd since April as part of unwinding the 1.65 million bpd cut agreed in 2023. Actual production has lagged due to the US-Israeli war with Iran, which closed the Strait of Hormuz. Output fell to 33.13 million bpd in May from 42.77 million bpd in February but began recovering in June after a US-Iran memorandum of understanding eased tensions. Oil prices have fallen to pre-war levels around $72 per barrel for Brent Crude, pressured by lower Chinese imports, higher non-Middle East exports, and a record strategic stock release by the International Energy Agency. The UAE left OPEC+ in late April, and Iraq is pressing for higher quotas. The group may fully unwind the 2023 cut with one more increase in September.
Set up alerts, explore entity relationships, search across thousands of events, and build custom intelligence feeds.
Open Dashboard