OPEC+ to Boost Crude Output by 188,000 bpd Starting August


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Seven OPEC+ countries will boost output by 188,000 bpd 
from August as crude prices fall and supply lines begin normalizing with the 
ceasefire in the Iran war, the Organization of the Petroleum Exporting 
Countries (OPEC) said.

   The decision, announced after an OPEC meeting on Sunday (7/5), will mark the 
fifth consecutive monthly increase as the group gradually unwinds voluntary 
supply cuts introduced in 2023. OPEC+ groups the12 core members of OPEC and 10 
allies.

   The seven OPEC+ nations involved in increasing output from August include 
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. They plan to 
continue monitoring market developments in crude and pause or reverse 
production as needed.

   Total output from OPEC+ fell to 33.13 million bpd in May from 42.77 million 
bpd in February. The drop followed shipping disruptions caused by the 
U.S.-Israel war on Iran, which maxed out regional storage.

   Global oil supplies have been recovering rapidly since a June 17 memorandum 
of understanding signed between the U.S. and Iran that reopened the blockaded 
Strait of Hormuz. Saudi Arabia has more than doubled its shipping volumes since 
the agreement. Iran, aided by a suspension of U.S. sanctions on Iranian oil, 
has delivered nearly 50 million bbl.

   These developments have forced both WTI and Brent to pre-war levels of 
around $66 bbl and $71 bbl, respectively. Both had hit four-year highs during 
the near four-month war, with WTI reaching $117.63 in April and Brent 119.24 in 
March.




(c) Copyright 2026 DTN, LLC. All rights reserved.