OPEC set to raise September output targets, then pause increases until year end
Aug 2, 2026
OPEC will raise its oil production targets by about 188,000 barrels per day in September and then pause further increases for the rest of 2026, Reuters reported on Sunday 2 August 2026, citing sources familiar with the matter. The adjustment is part of the group's plan to return supply to the market gradually after years of cuts designed to support prices.
At its meeting on Sunday 2 August 2026, OPEC will also assess market conditions and discuss production quotas for 2027. The group's output climbed to 19.34 million bpd in June 2026, up 3.3 million bpd from the previous month, as producers along the Persian Gulf restored supplies following disruptions linked to the effective closure of the Strait of Hormuz.
The Strait of Hormuz, which carries about 20 percent of global oil supplies, has remained largely closed since 28 February 2026. For Iran's markets, OPEC's output path and the status of that waterway are the two main variables shaping crude prices and currency expectations.
Media
A tanker anchored in the Strait of Hormuz off Qeshm Island. The waterway has remained largely closed since 28 February 2026.
Archive photo · Source: AP Photo/Asghar Besharati
Source
Shafaq News
Related news
Iran's guaranteed wheat purchases pass 7.5 million tonnes by 2 August
Mohammad Ali Anjafi, deputy for crop affairs at Iran's agriculture ministry, said on Sunday 2 August 2026 (11 Mordad 1405) that guaranteed purchases of wheat at authorised centres had passed 7.5 million tonnes by that date, a figure he described as showing significant growth on last year. Anjafi called this a golden year for wheat production in the country, saying output this year has been unprecedented in recent years. He said the high volume of production and some operational difficulties had at one point delayed payments owed to wheat growers, and that the process has now picked up speed. On the state of those payments, he said 17,000 billion tomans of arrears had recently been transferred and that a further 100,000 billion tomans would be paid into growers' accounts by 11 August 2026 (20 Mordad 1405). He put the total value of the wheat purchased at about 350,000 billion tomans, and said that with the recent transfers the cumulative amount paid will reach about 220,000 billion tomans.
اقتصاد آنلاین · Aug 2, 2026
Iran says 230 million cubic metres of daily gas capacity is out of service, with 100 million due back within months
Shana reported on Sunday 2 August 2026 (11 Mordad 1405) that Mohammad Jafar Ghaempanah, executive deputy to the president, has said attacks on oil industry infrastructure took 230 million cubic metres of the country's gas production capacity out of service. Under the plan now in place, 100 million cubic metres a day of that capacity is due to return to production within the next few months. Oil Minister Mohsen Paknejad said on the sidelines of the Supreme Energy Council meeting that every effort is being made to lift the bulk of the restrictions on gas production before the cold season begins. Touraj Dehghani, chief executive of the Pars Oil and Gas Company, said three trains at the Phase 14 South Pars refinery were returned to service within 10 days and that debris clearance at the third and fifth refineries was safely completed in under two months. He said restoration of the last sweetening train at the Phase 14 refinery is proceeding on schedule. The National Iranian Gas Company has for the first time taken responsibility for rebuilding two damaged gas refineries. Gas supply shortfalls were already one of the main challenges facing Iran's energy sector.
شانا · Aug 2, 2026
Seven OPEC+ members approve a 188,000 barrel a day unwind of voluntary cuts for September
Seven members of the OPEC+ alliance, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, met virtually on Sunday 2 August 2026 (11 Mordad 1405) and decided to unwind 188,000 barrels a day of the 1.65 million barrel a day voluntary supply cut announced in April 2023. The increase will be implemented in September 2026. According to the OPEC Secretariat, the seven countries noted that the move gives participating producers an opportunity to accelerate their compensation plans, and reaffirmed their intention to fully compensate for production above quota since January 2024. The group will hold monthly meetings to review market conditions, conformity and compensation, and will next convene on 6 September 2026 (15 Shahrivar 1405). Alongside the status of the Strait of Hormuz, the OPEC+ supply path is one of the main variables shaping crude prices for Iran's markets.
شانا · Aug 2, 2026
OPEC+ monitoring committee voices concern over attacks on energy infrastructure
The 67th meeting of the OPEC+ Joint Ministerial Monitoring Committee was held by videoconference on Sunday 2 August 2026 (11 Mordad 1405). The committee comprises Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria and Venezuela. According to the OPEC Secretariat, the committee expressed concern over attacks on energy infrastructure and noted that restoring damaged energy facilities to full capacity is costly and time consuming, which in turn affects overall supply availability. It stressed the vital importance of protecting supply routes to guarantee the uninterrupted flow of energy, and said any action that undermines energy supply security, whether by attacking infrastructure or disrupting supply routes, increases market volatility. The committee reviewed crude production data for May and June 2026 and noted overall conformity among countries participating in the Declaration of Cooperation. The 68th meeting of the committee is scheduled for 4 October 2026 (12 Mehr 1405).
شانا · Aug 2, 2026