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Opec+ raises quotas again as West Asia calms
Mint Chennai
|July 06, 2026
Seven Opec+ members decided on Sunday to again raise oil production quotas as Gulf countries reel from the war in West Asia.
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Ministers from key Opec+ countries Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on Sunday and “decided to implement a production adjustment of 188 thousand barrels per day,” a statement from the organization said, adding that “this adjustment will be implemented in August 2026”.
Gulf countries had to cut output after the near-paralysis of the Strait of Hormuz orchestrated by Iran during the war in West Asia, which blocked their oil exports for several months.
Between the first quarter of 2026 and May, combined production by Saudi Arabia, Iraq, and Kuwait—three of the seven countries raising their quotas—fell by some six million barrels per day, Opec data have shown.
This story is from the July 06, 2026 edition of Mint Chennai.
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