OPEC+ announced a new increase to oil production targets for August, raising quotas to help bolster global supply as oil prices continue to ease. The decision follows ongoing recovery efforts after disruptions linked to the closure of the Strait of Hormuz.
During a virtual session on Sunday, the coalition, which includes OPEC members and allied producers such as Russia, set an additional increase of 188,000 barrels per day beginning in August. This adjustment comes after the group had already approved similar raises for June and July.
From April to July, the alliance’s core members authorized collective quota increases amounting to nearly 800,000 barrels per day. However, these scheduled boosts have been largely theoretical, as the conflict involving the U.S., Israel, and Iran had previously forced the Strait of Hormuz to close, restricting shipment routes for major producers such as Saudi Arabia, Kuwait, and Iraq.
According to OPEC records, group production dropped to 33.13 million barrels per day in May, a significant decline from 42.77 million in February. Output began to climb again in June after U.S. diplomatic efforts helped countries like the UAE resume oil exports. Despite this rebound, OPEC+ production remains below levels seen before the onset of the conflict.
