OPEC+ Agrees Modest July Output Increase Amid Geopolitical Tensions

Interfax / OPEC+ Statement · Jul 05, 2026 00:00

Seven OPEC+ nations, including Saudi Arabia and Russia, have agreed to raise collective oil production targets by 188,000 barrels per day for July 2026. This adjustment is part of a gradual unwinding of voluntary cuts, but the group maintains flexibility given ongoing geopolitical risks in the Middle East, which have kept oil prices elevated.