OPEC+ Raises August Output by 188,000 Barrels a Day as Brent Falls Near $72
Updated
Updated · The New York Times · Jul 5
OPEC+ Raises August Output by 188,000 Barrels a Day as Brent Falls Near $72
3 articles · Updated · The New York Times · Jul 5
Summary
OPEC+ said it will add 188,000 barrels a day in August, extending months of supply increases even after oil prices retreated sharply from wartime highs.
Brent crude was about $72 a barrel on Friday, down from as high as $118 early in the Iran war, as shipping through the Strait of Hormuz resumed and Gulf producers ramped up exports.
The group said it would keep monitoring market conditions and stressed a cautious approach; Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman took part in the decision.
The latest increase follows a June 17 U.S.-Iran framework agreement to reopen Hormuz, ending a nearly four-month closure that had made earlier OPEC+ output hikes largely symbolic.