Seven member states of the Organisation of the Oil Exporting Countries have agreed to increase daily oil production amid a global energy crisis brought on by Iran’s closure of the Strait of Hormuz, a passageway used to transport one-fifth of the world’s oil supply.
In a virtual meeting held on August 2.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman decided to increase daily production to 188,000 barrels per day, ostensibly to mitigate the constraints caused by the U.S.-Iran war.
The adjustment will be effected in September.
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day,” OPEC said in a statement. “This adjustment will be implemented in September 2026 as detailed in the table below.”
OPEC+ noted that the participating member states will hold monthly meetings to assess the market.
“The seven OPEC+ countries will continue to hold monthly meetings to review market conditions. The next meeting will be held on 6 September 2026,” the statement added.
