OPEC+ raises output as Saudi Arabia slashes prices
OPEC+ agreed on 5 July 2026 to raise collective output targets by 188,000 barrels per day (bpd) from August, marking the fifth consecutive monthly increase. The United Arab Emirates, having exited OPEC+ quotas on 1 May, ramped up crude output to more than 3.8 million bpd, near record levels. Oil prices remained around $72 per barrel as improved tanker traffic […]
OPEC+ to raise output quota by 188,000 bpd – but hike seen as mostly symbolic
OPEC+ leaders agreed to raise their collective output target for July by 188,000 barrels per day – the third consecutive monthly increase. Only seven countries will receive higher quotas, reflecting the still‑dominant role of core producers. Actual production is constrained by the closure of the Strait of Hormuz. Gulf states have lost about 9.9 million […]