OPEC+ agrees to increase oil output again
Seven members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have collectively agreed to increase oil output by 188,000 b/d in August.
IMAGE: OPEC logo. Getty Images
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman have decided to implement a production adjustment of 188,000 b/d from the 1.65 million b/d “additional voluntary adjustments announced in April 2023,” the group said in a statement.
In November 2025, the members decided to pause production hikes in the first quarter of this year, citing steady market conditions.
The output hike decision comes amid the ongoing temporary 60-day truce agreement between Washington and Tehran, following a four-month conflict which led to repeated strikes on energy infrastructure across the Middle East.
“The additional voluntary adjustments announced in April 2023 may be returned in part or in full, subject to evolving market conditions and in a gradual manner,” the Saudi Arabia-led group has reiterated.
The latest round of output hike decision follows the surprise exit of core-OPEC member – the UAE.
The group’s two leading producers, Saudi Arabia and Russia, are set to ramp up production by an additional 62,000 b/d each, to produce about 10.42 million b/d and 9.89 million b/d of crude oil in August, respectively.
Iraq is expected to hike production by 26,000 b/d to about 4.41 million b/d next month.
The seven OPEC+ members will next meet on 2 August 2026 to “review market conditions, conformity, and compensation.”
By Aparupa Mazumder
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