OPEC+ Countries Have Decided To Increase Oil Production

Starting in August.

OPEC+ has decided to raise its oil production targets by 188,000 barrels per day starting in August, which will increase its supply amid falling prices linked to the gradual resumption of shipping through the Strait of Hormuz. This was reported by Reuters citing an official statement from the group.

According to the agency’s calculations, taking into account the UAE’s withdrawal from OPEC+, the seven main participants will be able to return approximately 379,000 barrels per day of their original production volume to the market starting in August. The group’s next online meeting, at which a decision on yet another quota increase may be made, will take place on August 2.

The current increase logically continues a series of decisions made by OPEC+. From April through July, the group’s seven key members raised their quotas by nearly 800,000 barrels per day.

However, as Reuters notes, the increase in oil production has so far remained largely statistical due to the unavailability of the Strait of Hormuz to tankers from the agreement’s leading participants, including Saudi Arabia, Kuwait, and Iraq.

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