{"id":744917,"date":"2026-07-05T17:03:16","date_gmt":"2026-07-05T17:03:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/744917\/"},"modified":"2026-07-05T17:03:16","modified_gmt":"2026-07-05T17:03:16","slug":"oil-prices-hover-near-pre-conflict-levels-as-opec-boosts-output-again","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/744917\/","title":{"rendered":"Oil prices hover near pre-conflict levels as OPEC+ boosts output again"},"content":{"rendered":"\n

Maria Bartiromo interviews former Chrysler and Home Depot CEO Bob Nardelli about the current macro story. They discuss falling oil prices, which are now below $69 a barrel and how this impacts consumers at the pump.<\/p>\n

Oil prices<\/a> hovered near pre-conflict levels Sunday after OPEC+ agreed to increase production again, adding to global crude supplies as exports through the Strait of Hormuz continued to recover following months of disruption.<\/p>\n

The oil-producing alliance said it will raise output targets by 188,000 barrels<\/a> per day beginning in August, marking its third consecutive monthly increase as it gradually unwinds production cuts implemented in 2023.<\/p>\n

The decision reflects easing concerns about a lingering global supply crunch. Oil exports from the Persian Gulf<\/a> have begun rebounding after the Strait of Hormuz \u2014 a critical shipping lane for global energy supplies \u2014 reopened after it was disrupted during the U.S.-Israeli conflict with Iran.\u00a0<\/p>\n

A U.S.-brokered memorandum of understanding between Washington and Tehran has also helped calm markets and reinforced expectations that supplies will continue to normalize.<\/p>\n

MICHAEL DELL CELEBRATES AMERICA\u2019S 250TH BIRTHDAY WITH GIFT TO SEED THE AMERICAN DREAM FOR MILLIONS OF KIDS<\/a><\/p>\n

\"Oil <\/p>\n

Tankers are seen at the Khor Fakkan Container Terminal, one of the major container ports in the Sharjah Emirate, along the Strait of Hormuz, a waterway through which one-fifth of global oil output passes on June 23, 2025. (Giuseppe Cacace\/AFP via Getty Images)<\/p>\n

Brent crude traded near $72 per barrel Friday, down sharply from highs above $120 reached during the conflict and roughly back to levels seen before the United States and Israel launched strikes against Iran in late February.<\/p>\n

Oil prices have also faced pressure from weaker-than-expected crude demand in China, increased production from countries outside the Middle East and a coordinated release of strategic petroleum reserves by the International Energy Agency.<\/p>\n

\"OPEC\"\/ <\/p>\n

OPEC officials and energy ministers meet in Vienna, Austria, on Dec. 7, 2018. (Joe Klamar\/AFP via Getty Images)<\/p>\n

The latest increase follows similar production hikes in June and July. The seven core producers managing OPEC+’s supply policy \u2014 Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman \u2014 have now restored nearly 800,000 barrels per day of production since April.<\/p>\n

\"opec\"\/ <\/p>\n

The headquarters of the Organization of the Petroleum Exporting Countries (OPEC) on Feb. 29, 2024, in Vienna, Austria. (Thomas Kronsteiner\/Getty Images)<\/p>\n

Despite those increases, actual output remains below levels seen before the conflict because disruptions to Gulf exports temporarily curtailed shipments from several major producers, including Saudi Arabia, Kuwait and Iraq.<\/p>\n

OPEC+ is also navigating internal challenges after the United Arab Emirates exited the alliance earlier this year, while Iraq has pushed for a larger production quota. If the group approves another increase at its next meeting on Aug. 2, it will have fully reversed the production cuts adopted in 2023.<\/p>\n

CLICK HERE TO GET FOX BUSINESS ON THE GO<\/a><\/p>\n

Investors will now be watching whether recovering exports, stronger demand and future OPEC+ production decisions keep crude markets balanced through the remainder of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"Maria Bartiromo interviews former Chrysler and Home Depot CEO Bob Nardelli about the current macro story. They discuss…\n","protected":false},"author":2,"featured_media":744918,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[28],"class_list":["post-744917","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/744917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=744917"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/744917\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/744918"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=744917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=744917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=744917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}