By Alexander Miller, consultant in energy markets. Eurasia Business News, August 3, 2026. Article n°3040.

OPEC+ agreed to raise September oil production quotas by 188,000 barrels per day, according to reports on the group’s Sunday meeting. The increase applies to seven members that had been making additional voluntary cuts, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The move is being framed as an adjustment from earlier voluntary reductions rather than a broad shift in all members’ quotas. OPEC+ said the step is meant to support market stability while allowing participating countries to compensate for prior overproduction.

Oil prices fell sharply on August 3 after the OPEC+ meeting. Brent for October delivery was down 5.16% at $83.39 a barrel, while WTI for September delivery fell nearly 6% to $79.66.

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For oil traders, the headline implication is mildly bearish for prices at the margin, though the actual impact depends on compliance and whether other supply disruptions persist.

The meeting was attended by delegations from Russia, Saudi Arabia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. OPEC+ has reaffirmed its commitment to market stability, the publication notes. The next meeting of the members of the association is scheduled for September 6.

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© Copyright 2026 – Eurasia Business News. Article no. 3040