OPEC+ Plans Modest Oil Production Increase for July Despite Supply Constraints

OPEC+ has announced a decision to increase its oil production targets by 188,000 barrels per day for July 2026. This marks the fourth consecutive monthly adjustment to output quotas. However, the increase is considered largely symbolic by analysts, as a persistent supply crisis, exacerbated by the closure of the Strait of Hormuz, continues to hinder full supply from major producers.