OPEC+ lifts output by 188,000 bpd as oil prices edge higher
The OPEC+ alliance of twelve oil‑producing nations approved a further voluntary production increase of 188,000 barrels per day starting in August, marking the fifth consecutive month of output hikes after the disruption of shipments through the Strait of Hormuz. The decision was taken by the seven core members – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman – and follows a virtual meeting that also confirmed earlier increases for June and July.
Oil prices responded modestly on July 7, with Brent crude up 0.39 % to $72.29 a barrel and U.S. West Texas Intermediate rising 0.26 % to $68.84. Traders said the easing of geopolitical risk and the prospect of greater supply have tempered price gains, although they remain wary of the fragility of the U.S.–Iran truce. Saudi Aramco cut the August official selling price of its Arab Light crude for Asia by $11, the biggest discount in over two decades.
Recent security incidents in the Strait of Hormuz – including a projectile strike on a tanker and Iranian missile attacks on commercial vessels – have kept the market alert to supply disruptions. At the same time, consumer‑facing fuel prices are rising in some regions; in Romania, diesel (motorin) prices are set to increase by an additional 76 kuruş at midnight, reflecting the lingering impact of higher global oil costs.
Analysts note that while the production boost should help stabilize the market, full recovery to pre‑conflict output levels may take months, and any resurgence of tension in the Gulf could quickly reverse the price trend.