OPEC Plans Derailed as Middle East War Cuts Oil Production

OPEC+'s plans to increase oil production have been derailed due to the ongoing war in the Middle East. Despite seven key OPEC+ members planning to raise their output by 188,000 barrels per day in September 2026, actual volumes turned out to be lower than expected.

The decline was attributed to supply disruptions amid the conflict, particularly with Saudi Arabian exports and U.S.-imposed restrictions on Iranian oil supplies. As a result, OPEC countries produced an average of 19.71 million barrels of oil per day in August, down from 20.35 million barrels in July.

Venezuela is considering withdrawing from the Organization of the Petroleum Exporting Countries (OPEC), which it helped found over six decades ago. The country has been discussing the possibility with U.S. officials, but no final decision has been made yet.