finance
OPEC+ to Raise Output Quotas by 188,000 Barrels a Day From August After Sharp Production Drop
The group ratified a quota hike during a Sunday video conference after seven members added nearly 800,000 barrels per day since April. Output remains below pre-war levels amid recovering exports through the Strait of Hormuz.
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OPEC+ agreed during an online meeting on Sunday to raise production quotas by 188,000 barrels per day starting in August. The decision adds to earlier increases approved for June and July. Seven core members—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman—have already lifted their quotas by almost 800,000 barrels per day from April through July as part of a phased rollback of a 1.65 million barrel per day cut agreed in 2023.
The United Arab Emirates left the group in late April. Group output fell to 33.13 million barrels per day in May from 42.77 million barrels per day in February, according to OPEC data. -Israeli conflict with Iran.
Brent crude traded near $72 per barrel on Friday, down from recent peaks above $120 and back to levels seen just before the Feb. 28 attacks on Iran. Lower Chinese imports and higher non-Middle East exports have also weighed on prices.
From August the seven producers have roughly 379,000 barrels per day of the original cut remaining to return to the market, according to Reuters calculations. Iraq has signaled it wants higher quotas after the UAE departure.
