OPEC+ Plans 188K Barrel Increase

OPEC+ members tentatively agreed to increase their oil production targets by 188,000 barrels per day starting from August 2026, ahead of the group's official meeting today, in an attempt to adjust production levels to align with global market conditions. This move comes amid a review of previous increases, which saw an overall rise of about 800,000 barrels per day between April and July, despite a decrease in production due to the closure of the Strait of Hormuz and the impacts of the Iran war. The group faces challenges from Iraq and some members' desire to boost their quotas, while Saudi Arabia and Russia continue working to reduce the gradual cuts that were imposed in 2023.

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