OPEC+ Approves Fifth Monthly Oil Output Hike Amid Hormuz Recovery
OPEC+ core members (Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, Oman) agreed to increase oil production by 188,000 barrels per day in August, the fifth consecutive monthly hike. This unwinds cuts from the U.S.-Iran conflict that closed the Strait of Hormuz. An interim U.S.-Iran deal reopened the strait, but traffic remains below pre-war levels. Brent crude fell to ~$72/barrel from over $120. Internal strains persist after the UAE left OPEC, and Iraq seeks higher quotas. Analysts warn of potential oversupply.
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Oil prices edge higher as Strait of Hormuz tensions outweigh supply concerns
Oil prices rose modestly on Tuesday after renewed security incidents in the Strait of Hormuz revived concerns over potential disruptions to global energy shipments, offsetting expectations of stronger supply from OPEC+ producers. According to Axios, Iran's military launched at least two missiles at commercial vessels transiting the Strait on Monday night, ending a week-long pause in attacks. The UK Maritime Trade Operations confirmed a tanker near Oman was struck by an unidentified projectile, causing a fire. The US is expected to respond with strikes against Iranian targets. Meanwhile, OPEC+ members agreed to increase production targets by 188,000 barrels per day from August, and the UAE reported crude production exceeding 3.8 million barrels per day in June. Saudi Aramco reduced its flagship Arab Light crude price for Asian customers for the first time since 2020, reflecting growing competition among Gulf producers.
Yahoo FinanceOPEC+ Extends Production Increases as Supply Surge Raises Glut Fears
OPEC+ has agreed to raise oil production by an additional 188,000 barrels per day from August, marking the fifth consecutive monthly increase as the group unwinds earlier cuts. Total output quota increases since the war began now stand at around 940,000 barrels per day. The decision comes as oil prices ease, with Brent crude trading around $72 per barrel, down from an April peak of $126. Gulf states have ramped up production, with Saudi Arabia restoring flows to nearly 90% of pre-war levels and UAE exports exceeding pre-war levels after leaving OPEC+. However, the supply surge is raising concerns of a global glut, with analysts from Morgan Stanley and Goldman Sachs warning of oversupply next year. China, the world's largest oil importer, has not significantly increased buying despite cutting imports by roughly 5 million barrels per day. Additionally, over 60 million barrels of stranded oil have been released onto the market following the US-Iran memorandum of understanding.
Fortune | FORTUNEOPEC+ raises oil output for fifth straight month as Hormuz recovers
OPEC+ core members (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman) agreed to increase collective output targets by 188,000 barrels per day starting in August, the fifth consecutive monthly hike. This continues the rollback of production cuts introduced in 2023, bringing total quota additions to 940,000 bpd since the war began. The decision follows an interim U.S.-Iran agreement on June 17 that allowed the Strait of Hormuz to reopen, with vessel traffic recovering to about 40 daily crossings from 130 before the conflict. Brent crude fell to roughly $72 per barrel, down from wartime highs above $120, prompting JP Morgan to warn of a potential oversupply. The alliance faces internal strains: the UAE left OPEC on May 1, and Iraq has threatened to follow unless granted a higher production allowance. The group next meets on Aug. 2.
Yahoo FinanceOPEC+ raises oil output as Strait of Hormuz shipping recovers
Seven core OPEC+ members (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman) agreed to raise collective oil output targets by 188,000 barrels per day starting in August, the fifth consecutive monthly increase as the group continues reversing production cuts from 2023. The decision comes as shipping through the Strait of Hormuz shows early recovery, with daily vessel crossings averaging 40 compared to 130 before the war began on Feb. 28. An interim agreement between Washington and Tehran on June 17 halted hostilities and reopened the waterway. Brent crude fell to roughly $72 per barrel, down from wartime highs above $120. JPMorgan analysts warned of a potential oversupply as Gulf supply resumes. The move occurs amid internal OPEC+ tensions: the UAE formally departed on May 1, and Iraq has threatened to follow unless granted a higher production allowance. The group pledged a cautious approach and will meet again on Aug. 2.
Yahoo FinanceOPEC+ Increases Output for Fifth Straight Month Despite Falling Oil Prices
On July 5, 2026, OPEC+ announced a collective production increase of 188,000 barrels per day for August, marking the fifth consecutive month of output hikes. The decision comes amid falling crude prices, with West Texas Intermediate crude down 22% and Brent crude down 20% over the past month, settling at $68.69 and $72.12 per barrel respectively. The group emphasized a cautious approach, retaining flexibility to adjust production. However, the output hike is largely symbolic until a US-Iran peace deal stabilizes and the Strait of Hormuz fully reopens. The UAE, which left OPEC in May, and Iran, whose ports are no longer blockaded by the US, are not included in the new quota. Separately, a cargo ship was attacked off Yemen, highlighting ongoing regional risks to shipping.
Yahoo FinanceOPEC+ Agrees to Fifth Monthly Output Hike as Hormuz Shipping Recovers
OPEC and its allies, collectively known as OPEC+, have agreed to increase oil production by approximately 188,000 barrels per day in August, marking the fifth consecutive monthly output hike. The decision was made during a virtual meeting on Sunday as shipping traffic through the strategic Strait of Hormuz gradually recovers and Persian Gulf producers restore output. The seven countries participating in the increase include Saudi Arabia (the group's de facto leader), Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. This move continues the cartel's process of unwinding production cuts that were implemented in recent years. The announcement comes amid improving stability in key maritime routes and reflects the group's cautious approach to balancing global oil supply and demand.
Yahoo FinanceOPEC+ set to approve another oil output increase, sources say
OPEC+ is expected to approve an increase in oil output targets of 188,000 barrels per day (bpd) from August, according to sources, adding to global supply amid falling prices due to a gradual reopening of the Strait of Hormuz. Seven core members (Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman) have already raised quotas by nearly 800,000 bpd from April through July. Despite these increases, actual output had fallen to 33.13 million bpd in May from 42.77 million bpd in February due to the U.S.-Israel war on Iran closing the Strait. Production began recovering in June with U.S. help to the UAE and others. Brent crude traded near $72 per barrel, down from over $120. The group also faces challenges after the UAE quit the alliance in late April, and Iraq signaled it wants higher quotas. The remaining cuts of about 379,000 bpd could be unwound by end-September if the same pace continues.
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