OPEC+ set to raise oil output by 188,000 bpd in August: Report

OPEC+ continues easing voluntary output cuts

OPEC+ has provisionally agreed to increase its oil production quotas by 188,000 barrels per day (bpd) in August, Reuters reported, citing a source familiar with the alliance's negotiations.

 

Two other sources said the group is likely to approve the proposed increase.

 

According to Argaam data, seven OPEC+ members—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—agreed last June to raise production by 188,000 bpd as part of the gradual unwinding of the additional voluntary production cuts announced in April 2023. The adjustment took effect in July 2026.

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