Seven core OPEC+ members agree to raise collective oil production...

Seven core OPEC+ members agree to raise collective oil production quotas by 188,000 barrels per day for August 2026, marking the group’s fifth straight monthly increase. The move follows easing Middle East tensions and the gradual reopening of Strait of Hormuz shipping routes after the U.S.-Iran conflict disrupted Gulf exports. Saudi Arabia and Russia take the largest shares of the increase, while Iraq, Kuwait, Kazakhstan, Algeria, and Oman also add supply. Oil prices fall as war-risk premiums fade, but internal tensions grow after the UAE exits and Iraq demands higher limits.

Sunday, 5 July, 2026