LONDON — OPEC+ agreed on Sunday to raise its collective oil production target by 188,000 barrels per day from August, extending a series of modest monthly supply increases as the group responds to easing export constraints and softer crude prices.
The decision was announced after an online meeting of the alliance's key producers, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The increase matches the quota adjustments approved for June and July and continues the group's gradual rollback of voluntary production cuts introduced in 2023, according to an OPEC+ statement.
OPEC+ said the production adjustment reflects its ongoing assessment of global oil market conditions and reiterated its commitment to supporting market stability. The alliance added that it would continue monitoring developments and remains prepared to adjust production if required.
The latest increase comes as oil prices have retreated from earlier highs and exports through the Strait of Hormuz have begun to recover following disruptions earlier this year, although production and shipments remain below pre-conflict levels, according to OPEC data and market reports.
The seven participating producers have raised their combined output targets by nearly 800,000 barrels per day between April and July, but actual supply gains have been more limited because of export disruptions affecting several Gulf producers.
OPEC+ said ministers are scheduled to meet again on Aug. 2 to review market conditions and consider production levels for September.
