Will OPEC+ agree to raise oil production at its meeting on Sunday, August 2?
73% of users predicted YES — the community got this one right. 30 predictions cast.
OPEC+'s core members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman — agreed on Sunday, August 2, to raise oil output quotas by roughly 188,000 barrels per day starting in September. The increase completes the group's rollback of a voluntary 1.65 million-bpd production cut first agreed to in 2023. Delegates said the group will pause further hikes after September while it conducts a capacity review that will set 2027 output baselines, a process expected to produce contentious talks as members such as Iraq push for higher individual quotas.
The decision extends a series of monthly increases OPEC+ has made through 2026 as it works to reclaim market share ceded during pandemic-era cuts, even as the moves have weighed on crude prices. It was widely telegraphed in advance by sources cited in Reuters and CNBC reporting ahead of the Sunday meeting.
The community correctly predicted the outcome, with 73% forecasting "yes" heading into the meeting, reflecting expectations that the group would proceed with the increase rather than pause it given oversupply concerns. Analysts had flagged the meeting as largely a formality given OPEC+'s recent pattern of steady, incremental hikes.