OPEC+ member countries decided to increase oil production quotas by… (добыча · опек · нефть)
OPEC+ member countries decided to increase oil production quotas by 188,000 barrels per day starting in August. This decision follows a reduction in production due to the conflict between Iran and Israel, which blocked the Strait of Hormuz and limited exports from Persian Gulf countries. The move aims to restore supply levels that were previously reduced.
Consensus
- OPEC+ member countries agreed to increase oil production quotas by 188,000 barrels per day starting in August.
- The decision was made during an online meeting on July 5, 2026.
- Seven OPEC+ countries are involved: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
- The increase is part of a voluntary adjustment to production levels previously set in April 2023.
- OPEC+ aims to restore supply levels that were reduced due to the conflict between Iran and Israel blocking the Strait of Hormuz.
Points of divergence
- The increase in quotas will not directly affect the global oil market because current production has not yet reached allowed levels. Recovery to pre-war levels may take two to three months, and full recovery to current OPEC+ targets could happen only by year-end. — vesti
- The decision reflects a positive outlook on the global oil demand trend, with delayed demand from Q2 2026 expected to grow in the second half of the year due to the reopening of the Strait of Hormuz. — vesti
- OPEC+ has increased quotas by a total of 940,000 barrels per day since February 2026, which is nearly 1% of global demand. This increase was partly due to the temporary lifting of restrictions on exports from Persian Gulf countries after a ceasefire agreement between Iran and the U.S. — vedomosti
- The price of oil dropped by 43% since its wartime peaks, falling to $72 per barrel Brent. Analysts expect a global oversupply that may force OPEC+ to choose between reducing production or engaging in a pricing war. — vedomosti
- The UAE left the organization in May due to dissatisfaction with quotas, and Iraq threatened to follow suit if its quota was not increased. — vedomosti
- OPEC+ is returning 1.65 million barrels per day of previously restricted production volumes (excluding UAE). The increase will allow countries that exceeded their quotas to compensate for overproduction by reducing output in the future. — interfax
Coverage (8 sources)
- Analyst Reveals What Will Happen to the Oil Market After OPEC+ Decision — Вести
- OPEC+ approved another increase in production quotas by 188,000 barrels per day — Ведомости
- OPEC+ countries agree to increase oil production from August — Коммерсантъ
- OPEC+ countries will increase oil production limits in August by 188 thousand barrels per day — Вести
- OPEC+ countries increased August oil production quotas by 188 thousand barrels per day — Интерфакс
- OPEC+: Oil production increase agreed in advance from August — Коммерсантъ
- OPEC+'s 'Seven' Reaches Principled Agreement to Increase Oil Production in August by 188k b/d — Интерфакс
- OPEC+ countries will discuss August oil production quotas on Sunday — Интерфакс