\n 2026-07-06T05:19:05+00:00<\/p>\n
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Shafaq News<\/p>\n
Oil prices
\n\u200binched lower on Monday after OPEC+ agreed to further increase its output
\ntargets from August \u200cwhile exports from key producers via the Strait of Hormuz
\nare recovering, potentially adding to global supplies.<\/p>\n
Brent crude
\nfutures fell 34 cents, or 0.47%, to $71.78 a barrel by 0408 GMT after settling
\n0.45% higher on Friday. U.S. West Texas Intermediate crude was at $68.49 \u200ba
\nbarrel, down 20 cents, or 0.29%. There was no settlement for WTI on Friday as
\n\u200bU.S. markets were closed ahead of the Independence Day holiday on Saturday.<\/p>\n
Both contracts
\nwere \u2060little changed last week, after mostly falling over the past few weeks,
\nas investors kept a close eye \u200bon talks between the United States and Iran over
\nthe fate of shipping through the Strait of Hormuz \u200bwhile keeping tabs on the
\nrecovery in Gulf oil exports.<\/p>\n
“Coming
\noff the U.S. long weekend, traders are sitting tight and waiting to see whether
\nU.S.-Iran relations will be cordial or volatile this week,” said Tim
\nWaterer, chief market analyst at KCM Trade.<\/p>\n
The
\nOrganization of the Petroleum \u200bExporting Countries and their allies including
\nRussia agreed on Sunday to further increase output targets by 188,000 barrels
\nper \u200bday from August, on top of similar increases for June and July.<\/p>\n
However, the
\nincrease has remained largely on paper because \u200cof the \u2060U.S.-Israeli war with Iran, which closed the Strait of Hormuz to tanker
\ntraffic for key OPEC producers, including Saudi Arabia, Kuwait and Iraq,
\ncapping their output.<\/p>\n
“The
\nnumber was largely in line with expectation,” IG market analyst Tony
\nSycamore said.<\/p>\n
“With UAE
\nleaving and when quotas are probably still not being met due to production
\nstill ramping \u200bup after the conflict – I’m \u200bnot sure they mean \u2060much at the moment.”<\/p>\n
The United Arab
\nEmirates quit OPEC as of May 1.<\/p>\n
Gulf members
\nhave begun reviving supplies shut during the Iran war and are increasing
\nexports.<\/p>\n
OPEC oil output
\n\u200bin June rose by 3.3 million barrels per day month-on-month to 19.43 million
\n\u200bbpd, a Reuters \u2060survey found, recovering from its lowest in more
\nthan two decades.<\/p>\n
Gulf oil
\nexports in June jumped more than 3 million barrels from May to exceed 10
\nmillion barrels per day, although the volume remained 40% below pre-war levels,
\ndata \u2060showed.<\/p>\n
In \u200baddition,
\noil shipments from Russia’s western ports hit a record high in \u200bJune and are
\nexpected to maintain that level in July as its refineries have been damaged in
\ndrone attacks by Ukraine that have \u200bforced Moscow to boost crude exports,
\nindustry sources said.<\/p>\n
(REUTERS)<\/p>\n
Only the
\nheadline is edited by Shafaq News.<\/p>\n","protected":false},"excerpt":{"rendered":"2026-07-06T05:19:05+00:00 font Enable Reading Mode A- A A+ Shafaq News Oil prices \u200binched lower on Monday after OPEC+…\n","protected":false},"author":2,"featured_media":745976,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[16993,4,450,320257,451,3,320256,452,453],"class_list":["post-745975","post","type-post","status-publish","format-standard","has-post-thumbnail","category-breaking-news","tag-breaking","tag-breaking-news","tag-breakingnews","tag-global-oil-prices","tag-headlines","tag-news","tag-oil-prices-slip-on-opec-production-increase","tag-top-stories","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/745975","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=745975"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/745975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/745976"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=745975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=745975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=745975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}