OPEC+ agrees fresh August oil output hike as Strait of Hormuz reopens

OPEC+ is boosting oil output by another 188,000 barrels daily from August, continuing to reverse earlier cuts. Despite this, actual supply remains below pre-conflict levels due to disruptions impacting key producers. Oil prices have already fallen to pre-war figures, influenced by weaker Chinese demand and strategic reserve releases. The group faces internal shifts with the UAE’s exit and Iraq’s quota requests.