OPEC+ Raises Production Caps for Sixth Time Amid Geopolitical Uncertainty

The OPEC+ oil alliance has raised its permitted oil production by an additional 188,000 barrels per day starting in September 2026. This is the sixth consecutive increase in the production ceiling. The decision was made during a video conference at the beginning of August, involving seven key member countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The move comes as the price of North Sea Brent crude has risen by about 26 percent since the outbreak of military hostilities in the spring, reaching approximately $88 per barrel. The JMMC expressed concern about attacks on global energy infrastructure, which can lead to extremely high costs for repairing damaged facilities and disrupts global supply security.

Experts emphasize that simply raising production quotas does not necessarily mean that more crude oil will actually reach the global market due to logistical hurdles such as the partial blockade of the Strait of Hormuz. Several producing countries are facing challenges in meeting their prescribed production targets due to reduced capacity.