Opec+ makes small quota hike to finish unwinding 2023 oil cuts
Seven members have agreed to boost their collective target by a further 188,000 barrels a day
Published Sun, Aug 2, 2026 · 08:15 PM
MAJOR Opec+ nations approved the latest small increase to their production quotas, a move that will complete the theoretical revival of supplies halted in 2023 and give them scope to add more barrels once the Middle East war ends.
Seven members led by Saudi Arabia and Russia agreed to boost their collective target by a further 188,000 barrels a day next month, the group said following a video call on Sunday (Aug 2).
The group has raised quotas each month throughout the Iran war even as supply from the region remains constrained by the conflict. Bloomberg earlier reported that Opec+ currently plans to hold levels steady for the rest of 2026 after the September hike.
While the increase is symbolic for now, it may give Saudi Arabia leeway to raise production once oil flows from the Persian Gulf return to normal, helping to replenish the world’s depleted stockpiles.
A supply squeeze triggered by conflict is pushing up the cost of fuels such as petrol and diesel, stoking fears of another spike in inflation.
US President Donald Trump said over the weekend that the US will hold off on new strikes against Iran after the Islamic Republic and other Middle Eastern nations told him they were working towards a deal.
An eventual supply boost by Opec and its partners could help to rekindle warnings of a mounting surplus that emerged during last month’s ceasefire between the US and Iran.
The exit of the United Arab Emirates in May, following years of frustration with Opec-imposed limits, has also spurred speculation that the group could one day be plunged into a contest over market share.
The group will continue to hold monthly meetings, with the next one scheduled for Sep 6. BLOOMBERG
