Seven members of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies have agreed to increase crude oil production as global energy markets face pressure following Iran’s blockade of the Strait of Hormuz, a key route responsible for transporting a significant share of the world’s oil supply.
The decision was reached during a virtual meeting held on August 2, where Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman approved an output increase of 188,000 barrels per day.
The adjustment, which is expected to take effect in September 2026, is aimed at easing supply concerns linked to the ongoing U.S.-Iran conflict and maintaining stability in the global oil market.
OPEC+ said the move reflects the commitment of participating countries to support market balance, adding that the production increase would be implemented according to an agreed schedule.
The group also announced plans to continue holding monthly meetings to review market conditions and determine further steps if necessary. Its next meeting is scheduled for September 6, 2026.