Oil production: Opec plus agrees on higher oil production targets
The oil production organization has been raising its quotas monthly since the start of the Iran war. Now it wants to increase its production targets by 188,000 barrels per day starting in September.
In the midst of a supply crisis triggered by the Iran war, the Opec plus organization plans to expand its production. The target is to increase the output for September by approximately 188,000 barrels per day. This increase was disclosed after their online meeting among the seven countries of Opec+. Analysts emphasize that raising the upper limit does not automatically mean more oil reaches the global market.
Major producers like Saudi Arabia did not reach their allocated maximum production in recent months, largely due to the partial blockade of the crucial Hormuz Strait, through which a significant portion of Saudi oil would have to be transported. Opec, headquartered in Vienna, coordinates the oil production quotas of its members to control the market price.
The price for a barrel of Brent crude, which surged about 26 percent since the initial US and Israeli attacks on Iran at the end of February, is currently around 88 dollars (around 75 euros). Iran had retaliated against the attacks, among other things, by blocking the important sea route.
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