OPEC+ Announces Plans for 188,000 BPD Oil Production Hike

OPEC+ is set to increase oil production by 188,000 barrels per day starting from September 2026. This move aims to undo earlier cuts made when prices were dropping. The group's members will meet online on Sunday (August 2, 2026) to decide on quotas.

This decision follows similar hikes over several months as the group tries to steady global oil prices. However, OPEC+ is facing challenges in exports and output due to disruptions in the Strait of Hormuz caused by Middle East conflicts, Russia's declining output due to Ukrainian drone attacks, and the UAE's departure from the group in May.

Jorge Leon suggests that this adjustment could be the last in the current series of production adjustments. Despite these challenges, OPEC+ is moving forward with its plan to increase oil production.