OPEC+ Agree To Increase Output As Strait Of Hormuz Gradually Reopens

00:47 6.7.2026

The OPEC+ grouping has agreed to further increase output targets beginning in August in an effort to add to world supplies at a ⁠time when oil prices are declining due to the gradual reopening of the Strait of Hormuz.

The informal oil-producing group agreed during an online meeting on July 5 to increase quotas by 188,000 barrels a day on top of similar increases already set for June and July.

Ministers from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman held virtual talks and “decided to implement a production adjustment” starting in August, an OPEC statement said.

The seven core members of OPEC+ have hiked their output quotas from April through July by almost 800,000 barrels a day.

However, the increase has largely been symbolic until now because of the US-Israeli war with Iran, which closed the strait to tanker traffic for some key OPEC+ members, including Saudi Arabia, Kuwait, and Iraq.

Daily global oil demand is around 100 million barrels.

The group, did not comment on current geopolitical developments, is to meet again on August 2.

With reporting by Reuters, AFP, and dpa

Source: blockade-gulf-israel/33640284.html?lbis=461660

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