OPEC+ Greenlights 188,000 BPD Oil Output Increase in Latest Strategy
OPEC+ has finalized another increase to its collective oil production quotas, approving a boost of 188,000 barrels per day (bpd) — a move that marks a key milestone in the group’s long-term strategy to fully unwind the production cuts enacted in 2023.
Seven member nations led by Saudi Arabia and Russia agreed to the hike during a video conference on Sunday, August 3, 2026. The decision follows a series of similar monthly quota increases since April, and brings the group to approximately 90% restoration of pre-2023 production levels. Since the U.S.-Iran conflict began impacting Middle East oil flows, OPEC+ has consistently raised quotas each month, even as actual supply from the region remains constrained by the ongoing conflict.
According to Bloomberg, OPEC+ currently plans to hold production levels steady for the remainder of the year following a final hike in September, as the alliance positions itself to add more barrels to the market once the Middle East war concludes.
- Analysts at Citi forecast that Brent crude could slide to $60–$65 per barrel by end-2026 as the Strait of Hormuz disruption eases and global supply rebounds.
- Goldman Sachs and Morgan Stanley have flagged risks of a potential global oil supply glut if OPEC+ and U.S. production continue to ramp up simultaneously.
The oil market is watching closely to see how quickly these paper quota increases translate into actual barrels reaching consumers worldwide.
Source: Bloomberg – OPEC+ Makes Small Quota Hike to Finish Unwinding 2023 Oil Cuts