Economic and oil advisor Dr. Muhammad al-Sabban said that OPEC+'s increase in production by about 188,000 barrels per day next August (2026) is a step that eases the burden on countries that voluntarily cut production, but noted that it is insignificant compared to global production, which is estimated at about 105 million barrels per day.

He added during a telephone interview on Al-Ekhbariya TV that OPEC+ precisely and cautiously accounts for markets to avoid disruption, in a way that does not lead to an increase in global supply.

Follow the story: Saudi Arabia and 6 OPEC+ countries approve production increase of 188,000 barrels per day starting August.

Dr. Muhammad al-Sabban predicted a significant decline in global supply due to developments in the Strait of Hormuz, and even if it returns, it will not be stable, especially as many uncertainties surround the agreements between the US and Iran, which could roil global markets.

The economic and oil advisor pointed out that even with an agreement, oil markets cannot easily return to stability unless OPEC+ during its next meeting in August takes a major step, either by increasing production or further cuts in the coming period.

Display the tweet on platform X