OPEC+ agreed on July 5, 2026, to raise collective oil output by 188,000 barrels per day for August, the producer group’s fifth consecutive monthly increase.
Seven core members — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — will add supply as part of a phased rollback of cuts agreed in 2023. The decision came as shipping through the Strait of Hormuz gradually reopened following regional conflict.
Crude prices had retreated toward pre-war levels, with Brent trading near $72 per barrel after peaking above $120 earlier in the year. Traders cited lower Chinese imports, non-Middle East supply and strategic stock releases as additional downward pressure.
OPEC+ ministers said they would meet again on August 2 to review market conditions. Saudi Arabia’s quota will rise by 62,000 barrels per day under the August allocation.
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Sources:
https://www.cnbc.com/2026/07/05/stock-market-today-live-updates.html