The group maintains its adjusted monthly increase despite geopolitical tensions and the UAE’s earlier exit from the pact.
OPEC+ agreed to boost crude production by 188,000 barrels per day in July, matching June’s increase. The decision follows a downward adjustment from April and May’s 206,000 bpd hike after the UAE withdrew from the agreement.
The move comes amid ongoing disruptions in the Strait of Hormuz, a critical oil transit route. Prior to the UAE’s exit, OPEC+ had targeted larger monthly increases but scaled back to balance market stability.
West Texas Intermediate crude rose 2.35% to $90.65 following the announcement.