OPEC+ agrees to raise output targets by 188,000 bpd from August
The OPEC+ group has approved a further output hike, marking the fifth consecutive monthly increase. The decision comes as Hormuz exports recover and Brent crude falls near $72 a barrel, back to pre-war levels.
The group’s output fell to 33.13 million bpd in May from 42.77 million bpd in February before beginning to recover in June. The seven participating members are unwinding a 1.65 million bpd cut agreed in 2023.
Brent crude traded near $72 a barrel, down from recent peaks above $120. The prospect of the UAE and a re-emerging Iran ramping up exports outside the group’s constraints adds a further bearish supply signal.