The war in the Middle East has derailed OPEC+'s plans to increase oil production — Reuters
In August, OPEC countries cut oil production, despite OPEC+ plans to gradually increase output. The situation was influenced by disruptions in exports from Saudi Arabia and restrictions on Iranian oil supplies due to the U.S. blockade.
According to a Reuters survey, the 11 OPEC countries produced an average of 19.71 million barrels of oil per day in August. This is 640,000 barrels per day less than in July.
The decline was the result of supply disruptions amid the war in the Middle East. In particular, problems arose with Saudi Arabian exports, while the U.S. blockade limited Iran’s ability to supply oil to the global market.
At the same time, seven key OPEC+ members had planned to increase production in August. However, actual volumes turned out to be lower than planned due to export disruptions.
The Reuters survey was based on data from LSEG and Kpler, as well as information from sources within OPEC, oil companies, and industry consultants.
Source: Reuters
Venezuela is carefully considering the possibility of withdrawing from the Organization of the Petroleum Exporting Countries (OPEC), which it helped found more than six decades ago. No final decision has been made yet, and a possible withdrawal has been discussed, in particular, with U.S. officials, according to sources familiar with the matter.
Seven OPEC+ countries have agreed to raise their oil production targets by 188,000 barrels per day in September 2026, according to a statement on the organization’s official website.
