OPEC+ boosts oil output by 188,000 barrels, as supply risks fade

Seven OPEC+ members, including Saudi Arabia and Russia, will increase crude production by 188,000 barrels per day starting August 2026. The alliance confirmed the decision during a virtual meeting on July 5. This move continues a strategy to roll back voluntary production cuts established in 2023.

The decision marks the fifth consecutive monthly output increase for the participating nations. Crude oil prices recently declined toward $72 per barrel. This price drop followed the reopening of the Strait of Hormuz, which restored market shipping capacity. Prices previously peaked during a conflict involving the U.S., Israel, and Iran.

OPEC+ will monitor market conditions to maintain stability. The group retains flexibility to pause or reverse output adjustments if necessary. These planned increases aim to prevent price shocks while meeting recovering global demand.