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Updated · Bloomberg · Aug 2OPEC+ Approves 188,000 BPD Quota Hike, Completing 2023 Cut Unwinding
3 articles · Updated · Bloomberg · Aug 2Summary
- Seven OPEC+ members led by Saudi Arabia and Russia agreed on a 188,000-barrel-a-day quota increase for next month in a Sunday video call.
- The move completes the bloc’s theoretical restoration of supply curbed in 2023 and preserves room to add more barrels once the Middle East war ends.
- OPEC+ has been raising quotas every month during the Iran war even as regional supply remains constrained by the conflict.
- Bloomberg reported last week that after the September increase, the group currently plans to keep output levels steady for the rest of 2026.
Insights
Is the latest OPEC+ production hike a genuine market fix, or just a symbolic illusion masking severe global shipping blockades? How will the ongoing geopolitical chaos in the Strait of Hormuz neutralize OPEC's attempt to stabilize global oil prices?