Seven OPEC+ member countries are scheduled to meet online on Sunday to discuss oil production quotas for August. Reporting from multiple outlets says the group is expected to continue reversing earlier production cuts, with analysts predicting an increase in output as the situation in the Middle East stabilizes. One analyst cited by AFP expects OPEC+ to “unwind” the cuts at a pace similar to previous months, estimating a potential rise of about 188,000 barrels per day, while also noting that production may still remain below the group’s official targets.
The expectation for quota increases is linked to a reduction in disruptions affecting Gulf oil exports during the war period. Sources describe a near-paralysis of the Strait of Hormuz orchestrated by Iran that blocked or constrained exports for several months, prompting Gulf producers to cut output. After a June 17 memorandum of understanding between Iran and the United States, shipping in the region reportedly shows signs of recovery and oil prices have fallen sharply, conditions that are cited as contributing factors for the anticipated quota adjustment for August.
