Seven OPEC+ member countries are set to raise oil production quotas for August as conditions in the Middle East stabilise, according to analysts cited by AFP and as reported by Nigerian outlets. The group’s enlarged membership is holding an online meeting on Sunday to discuss quota adjustments. Analysts expect OPEC+ to continue “unwinding” previously agreed production cuts at a similar pace to prior months, with one estimate pointing to an increase of about 188,000 barrels per day. However, the same analysis says output may still remain below OPEC+ targets despite the increase. The quota cuts were linked to disruption in the region’s oil trade during the Middle East war, when Iran induced near paralysis of the Strait of Hormuz, forcing Gulf producers to reduce exports for several months. After a memorandum of understanding between Iran and the United States on June 17, ship transport in the region has recovered and oil prices have fallen sharply. The expected quota rise is described as a step toward restoring supply conditions closer to pre-war levels.
OPEC+ to raise oil production quotas again as Gulf shipping recovers
Seven OPEC+ member countries are set to raise oil production quotas for August as conditions in the Middle East stabilise, according to analysts cited by AFP and as reported by Nigerian outlets. The g...
- Seven OPEC+ members meet online on Sunday to discuss August production quotas.
- Sources expect the group to raise quotas by about 188,000 barrels per day.
- The decision follows recovery in Middle East shipping after disruption affecting the Strait of Hormuz.
- Analysts say OPEC+ production may still be below the group’s targets even after the increase.
- The easing is linked to an Iran–US MoU signed on June 17, after which oil prices drop and transport improves.
OPEC+ members agree to raise oil production quotas by 188,000 bpd in August 2026 as the Middle East calms, aiming to restore pre-war supply levels. Read More: https://punchng.com/opec-raises-quotas-again-as-middle-east-calms/
1 month agoSeven OPEC+ members decided on Sunday to again raise oil production quotas as Gulf countries reel from the Middle East war. The post OPEC+ raises quotas again as Middle East calms appeared first on Vanguard News.
1 month agoOPEC+ tipped to raise quotas again as Middle East calms Seven OPEC+ members are likely to raise oil production quotas on Sunday as Gulf countries are reeling from the Middle East war, analysts told AFP. Saudi Arabia, Russia and five other members of the enlarged Organisation of the Petroleum Exporting Countries (OPEC+) are meeting online on Sunday to discuss quotas for August. OPEC+ will likely continue "to unwind the production cuts at the same pace like in the previous months", said Giovanni Staunovo, a commodity analyst at the Swiss bank UBS, predicting an increase of 188,000 barrels per day. "But for now, production is probably still below the group's targets," Staunovo told AFP. Gulf countries had to cut output after the near-paralysis of the Strait of Hormuz orchestrated by Iran during the war in the Middle East, which blocked their oil exports for several months. Since the signing of an MoU between Iran and the US on June 17, ship transport in the region has shown signs of recovery, and oil prices have dropped sharply.
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