OPEC+ Seven Lift July Output Target by 188,000 bpd as Hormuz Crisis Chokes Real Supply
Updated
Updated · CNBC · Jun 7
OPEC+ Seven Lift July Output Target by 188,000 bpd as Hormuz Crisis Chokes Real Supply
3 articles · Updated · CNBC · Jun 7
Summary
Seven OPEC+ members raised July output targets by 188,000 barrels per day, the fourth monthly increase as the group continues unwinding 2023 production cuts.
The move is largely symbolic while the Strait of Hormuz remains disrupted by the U.S.-Iran war, leaving key Gulf producers unable to fully supply customers despite higher quotas.
OPEC data showed actual group production fell to 33.19 million bpd in April from 42.77 million in February, even after quota increases totaling nearly 600,000 bpd from April through June.
The seven countries still have about 567,000 bpd of the original 1.65 million bpd cut left to restore, putting the rollback on track to finish by September if monthly hikes continue.
Brent settled at $93.09 a barrel on Friday, down 2.04%, as traders grew more confident the conflict would not intensify; OPEC+ separately left its wider group policy unchanged through end-2026.