OPEC+
Expanded oil alliance (~37% of output); Novak chaired its 67th quota-review meeting, 2 August.
OPEC+'s seven-member core confirmed a fourth straight 188,000 b/d hike for August at its 5 July ministerial, then set 2 August's ministerial to weigh whether the run continues into the fourth quarter.
Last refreshed: 3 August 2026 · Appears in 3 active topics
Does OPEC+ still matter after the UAE walked out?
Timeline for OPEC+
Reported Iran's crude output flat against a 24 per cent shortfall
Iran Conflict 2026: Iran's wells flat as Iraq adds 665 tb/dMet Novak separately across seven member states
Russia-Ukraine War 2026: Novak chairs OPEC+; diesel study waitsConfirmed a 188,000 b/d September adjustment for seven countries
European Oil Markets: OPEC release never mentions a pauseReuters sources point to an OPEC+ pause
European Oil MarketsMentioned in: Urals crude nearly triples in weeks
Russia-Ukraine War 2026Background
OPEC+ is the expanded oil-producer alliance formed in 2016 when Russia, Kazakhstan and other non-OPEC producers joined the original OPEC quota framework. It groups 22 states, roughly 12 OPEC members plus 10 non-OPEC producers led by Russia, and coordinates output quotas to manage the global crude price. Saudi Arabia holds the rotating chair and, since the UAE's exit, carries sole responsibility for steadying the Brent forward curve.
Seven members, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, form OPEC+'s inner core and set the pace of quota changes at rolling monthly ministerials. Vienna hosts the bloc's headquarters, and its decisions move the Brent benchmark more directly than any single producer's output alone, because Brent prices off the group's declared, not necessarily shippable, supply.
Since the UAE's departure on 1 May 2026, OPEC+ controls roughly 37% of global crude output, down from about 40%, having lost the UAE's estimated 5 million b/d of spare capacity to outside cartel discipline. That loss narrows the alliance's buffer against future shocks and concentrates pricing responsibility more heavily on Saudi Arabia than at any point since 2016.
OPEC+'s hike streak reaches a decision point
OPEC+'s seven-member core confirmed a fourth consecutive 188,000 b/d hike for August at its 5 July ministerial, taking the run of increases since April to roughly 800,000 b/d . Reuters reported on 28 July, citing people familiar rather than any OPEC statement, that the group might pause after September; the Secretariat's own 2 August release corrected that account, recording a fresh 188,000 b/d adjustment agreed for September with the next meeting set for 6 September and no mention of any pause .
For OPEC+ the gap between sourced reporting and its own communique is now part of the story: every increment still costs Saudi Arabia revenue it cannot recoup at its $108-111/BBL breakeven, so the group's own words, not a delegate's, are what actually settle whether the run continues.
Reference
Who controls OPEC+ and how are decisions made?
What did Alexander Novak discuss at the OPEC+ meeting on 2 August 2026?
Why did the UAE leave OPEC in 2026?
Is OPEC+ increasing oil production during the Iran war?
Why did Brent crude rise when the UAE left OPEC?
Why did Brent oil rise above $105 during the Iran conflict?
Why did Iraq consider leaving OPEC+?
How has the UAE's exit changed OPEC+?
Why is OPEC+ raising oil production despite falling prices?
