OPEC+ Agrees to Increase Oil Output Targets by 188,000 Barrels Per Day from August Amid Falling Oil Prices

OPEC+ is set to approve a further increase in oil output targets by 188,000 barrels per day (bpd) starting in August, according to sources familiar with the matter. This decision, made on July 5, 2026, follows similar increases for June and July. The move comes as oil prices have been declining, influenced by the gradual reopening of the Strait of Hormuz for oil exports and other factors.