OPEC+ Boosts Oil Production, Crude Prices Plummet
OPEC+ has agreed to increase oil production by 188,000 barrels per day starting in September 2026. This move is seen as a final step in reversing and lifting voluntary production cuts implemented since 2023. Analysts believe that OPEC+ may pause production increases next quarter to negotiate quotas for the following year.
The organization is reassessing the maximum production capacity of its member countries to determine quotas for the coming year. The OPEC+ Joint Ministerial Monitoring Committee also met and expressed deep concern about attacks on energy facilities stemming from the US-Israeli conflict against Iran.
Crude oil prices fell sharply amid expectations of easing tensions, with Brent crude futures falling $4.08 (4.64%) to $83.85 per barrel and WTI crude oil prices falling $4.01 (4.74%) to $80.66 per barrel on August 3, 2026.