Seven OPEC+ nations, including Saudi Arabia and Russia, approved a production increase on July 5, 2026. The group will add 188,000 barrels per day to the market starting in August 2026. This move continues a strategy to gradually restore supply previously withheld under voluntary cuts.
Oil prices recently declined to approximately $72 per barrel. The gradual reopening of the Strait of Hormuz for oil exports influenced this price movement. Weakening demand from major importers like China also impacted the group's decision.
OPEC+ retains the flexibility to pause or reverse production increases based on market volatility. Member states reaffirmed their commitment to compensate for any overproduction recorded since January 2024. The group will continue monthly monitoring sessions, with the next meeting scheduled for August 2, 2026.