OPEC+ Lifts Output by 188,000 bpd for August 2026

OPEC+ has approved a further increase in oil production of 188,000 barrels per day (bpd) starting from August 2026, continuing the gradual unwinding of earlier voluntary output cuts. Seven member countries are taking part in the adjustment, among them Saudi Arabia, alongside Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

Under the plan, Saudi Arabia’s individual share of the August increase is set at 62,000 bpd, lifting its target crude oil production to about 10.4 million bpd. The move mirrors the same 188,000 bpd monthly steps already implemented in May, June, and July 2026.

The adjustment is drawn from the additional voluntary cuts first announced in April 2023, and forms part of a phased restoration of output by Saudi Arabia and other participating producers as market conditions are reassessed month by month.

Pricing shift for Asian buyers

Alongside the production decision, Saudi Arabia has set the official selling price (OSP) for Arab Light crude to Asia at 1.50 USD per barrel below the Oman/Dubai average for August 2026. This marks the largest recorded monthly cut in that differential since 2003, signaling more competitive pricing for key Asian markets.

For residents and businesses in the Kingdom, the steady increases reflect the wider role of the energy sector in the national economy. Global oil supply and pricing decisions can influence market activity, investment, and downstream industries, making these monthly adjustments closely watched across the region.

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