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<\/a><\/p>\nPublished On 6 Jul 20266 Jul 2026<\/p>\n
OPEC+ members have announced plans to boost oil production as energy markets show tentative signs of recovery amid the fallout of the US-Israel war on Iran.<\/p>\n
OPEC+ said on Sunday that seven member countries \u2013 Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman \u2013 would raise output by 188,000 barrels per day from August after officials held a virtual meeting to \u201creview global market conditions and outlook\u201d.<\/p>\n
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The production boost is the fifth consecutive increase announced by the seven OPEC+ members in as many months, continuing a gradual unwinding of production cuts announced in 2023.<\/p>\n
OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers \u2013 including Russia, Bahrain and Oman \u2013 cut output in April 2023, and again in November 2023, amid a string of bank collapses that triggered a major sell-off in oil and other commodities.<\/p>\n
\u201cThe countries will continue to closely monitor and assess market conditions,\u201d the intergovernmental organisation said in a statement, adding that officials had \u201creaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments\u201d.<\/p>\n
The seven member countries added that they would meet again on August 2 to review the situation.<\/p>\n
After briefly topping $126 a barrel in April, Brent crude oil prices have fallen back to pre-war levels in recent days amid growing hopes for a permanent end to the Iran conflict and a return to normal shipping in the Strait of Hormuz.<\/p>\n
Traffic in the strait has ticked up since US President Donald Trump and Iranian President Masoud Pezeshkian signed their memorandum of understanding on ending the war on June 17, though it remains far below pre-conflict levels.<\/p>\n
There were 38 confirmed transits in the strait on July 2, down from 48 on July 1, according to the vessel tracking platform MarineTraffic, compared with roughly 130 daily crossings before the war.<\/p>\n
Brent crude futures for September delivery stood at $72 as of 02:01 GMT on Monday, below Brent\u2019s settlement price of $72.48 on February 27, the day before US and Israel launched strikes on Iran, starting the war.<\/p>\n
Iran\u2019s effective closure of the Strait of Hormuz, which carried about one-fifth of global oil and liquefied natural gas supplies before the start of the war, forced OPEC+ members to slash production as a growing backlog of unshipped barrels maxed out the region\u2019s crude storage capacity.<\/p>\n
Total OPEC+ production dropped to 33.13 million bpd in May, down from 42.77 million bpd in February, according to OPEC figures.<\/p>\n
Fabien Yip, a market analyst at IG in Sydney, Australia, described OPEC+\u2019s latest production increases as largely being a \u201cpaper formality\u201d in light of the real-world conditions affecting supply.<\/p>\n
\u201cActual barrels have been constrained for months by the Strait of Hormuz blockade, falling well short of the quota,\u201d Yip told Al Jazeera.<\/p>\n
\u201cThat constraint is now easing, driving prices down.<\/p>\n
\u201cSaudi Arabia has more than doubled the shipping volume since June 17 than the prior three months combined, and Iran has pushed close to 50 million barrels of its crude to market since the naval blockade lifted,\u201d Yip added, referring to the US naval blockade of Iranian ports.<\/p>\n
\u201cAdd OPEC+\u2019s incremental barrels to that backlog clearing, alongside softer Chinese demand and higher US and Russian exports, and the setup is a near-term oversupply. Oil futures\u2019 retreat to pre-war levels reflects that.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Seven OPEC+ members, including Saudi Arabia and Russia, to increase output by 188,000 barrels per day. Published On…\n","protected":false},"author":2,"featured_media":527296,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[184,1435,42,2682,47,43,16755,40,38,41,39,162198],"class_list":["post-527295","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-economy","tag-energy","tag-headlines","tag-international-trade","tag-middle-east","tag-news","tag-oil-and-gas","tag-top-news","tag-top-stories","tag-topnews","tag-topstories","tag-us-israel-war-on-iran"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/527295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=527295"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/527295\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/527296"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=527295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=527295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=527295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}