What is the size and timing of OPEC+'s next planned oil output increase, according to sources cited in the article?

According to the article, OPEC+ is set to agree on Sunday to increase its output targets by 188,000 barrels per day starting in August, building on similar increases approved for June and July.

Why has OPEC+'s recent output increase remained largely 'on paper', despite quota adjustments?

The increase has remained largely on paper because the U.S.-Israel war on Iran led to the closure of the Strait of Hormuz — a critical passage for tankers — affecting key OPEC+ members including Saudi Arabia, Kuwait, and Iraq, thereby preventing actual production and export gains despite higher quotas.

OPEC+ Set to Approve Another Oil Output Increase, Sources Say

Jul 5, 2026

OPEC+ plans to increase output quotas by 188,000 barrels per day starting in August, boosting global supply as exports recover from the Middle East. Brent crude prices hover near $72 per barrel amidst ongoing geopolitical tensions.

reuters

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