What is the exact production increase OPEC+ has decided on, and which countries are participating in the August 2024 output hike?

OPEC+ has decided to increase collective crude oil production by 188,000 barrels per day starting in August 2024. The seven participating countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

How does this August 2024 adjustment fit into OPEC+'s broader production policy since April 2023, and what is the cumulative scale of the reversal?

This August increase is the latest step in OPEC+'s gradual reversal of the additional voluntary production cuts first announced in April 2023; since then, the group has cumulatively added back 940,000 barrels per day in production quotas, equivalent to nearly 1% of global oil demand.

OPEC+ Plans to Increase Daily Crude Oil Production by 188,000 Barrels in August

Jul 8, 2026

OPEC+ core members agreed to raise collective oil production targets by 188,000 barrels per day starting in August, led by Saudi Arabia and Russia. This marks the fifth consecutive month of quota increases as the group gradually reverses previous voluntary cuts.

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