The OPEC+ alliance agreed on Sunday to raise oil production quotas once again, as Gulf countries continue recovering from disruptions caused by the recent Middle East conflict and the temporary paralysis of shipping through the Strait of Hormuz.
According to an official statement, key producers including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman agreed to implement a combined production increase of 188,000 barrels per day starting in August 2026.
The move follows months of severe export disruptions after tensions in the Gulf and restrictions in the Strait of Hormuz sharply reduced oil flows from the region.
OPEC data showed that combined production by Saudi Arabia, Iraq and Kuwait alone fell by around six million barrels per day between the first quarter of 2026 and May, according to AFP.
Market conditions began stabilizing after Tehran and Washington signed a memorandum of understanding on June 17 aimed at easing maritime tensions and ensuring the continued flow of shipping through the strategic waterway.
Analysts say oil exports through the Strait of Hormuz are gradually recovering, while oil prices have retreated closer to pre-conflict levels as expectations grow for a broader normalization in regional supply chains.
Despite the recovery, experts noted that restarting halted oil production remains a gradual process, with output still below pre-conflict levels. Industry observers also warned that OPEC+ could face increasing pressure in the coming year amid expectations of a potential global oil surplus and demands from member states for higher production quotas.
