Archive · 2 Aug 2026
OPEC+ Hikes Oil Production 188,000 bpd Amid Middle East Tensions
OPEC+ is a group of oil‑producing countries that decided to let more oil be made in September.
They added about 188,000 barrels of oil each day to the world supply.
The main countries that said yes were Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
Even though more oil is allowed, it might not reach buyers right away because the Strait of Hormuz, a key shipping route, is still blocked.
Experts think OPEC+ will keep production steady for the rest of the year and talk about future plans in 2027.
OPEC+ increased crude production quota by ~188,000 barrels per day effective September.
Seven key members (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman) approved the hike.
The increase may not boost global supply immediately due to Strait of Hormuz disruptions and Russia's production shortfall.
UAE's exit from OPEC+ adds uncertainty about future coordinated cuts.
Analysts expect OPEC+ to hold steady in Q4 and reassess quotas for 2027.
- Who
- OPEC+ members: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman
- What
- Approved an increase in crude production quota by about 188,000 barrels per day
- When
- Effective September 2023
- Where
- OPEC+ meeting
- Why
- To restore earlier production cuts and address supply uncertainty amid Middle East tensions
- Production Increase
- 188,000 barrels per day
- Effective Date
- September 2023
- Members Involved
- Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman
- Reason
- Restore earlier cuts amid supply uncertainty
- Impact on Supply
- May not immediately increase global supply due to Strait of Hormuz disruptions
