WS #11453
OPEC+ approved a 188,000 bpd output increase for August, and Citigroup forecasts Brent could fall to $60-65/bbl as Hormuz shipping normalizes, creating a bearish oil outlook. Ukraine continues drone strikes on Russian oil refineries, with 194 attacks in 2026 (11x increase YoY), but this is an ongoing theme with no new escalation.
OPEC+ Output Increase and Oil Price Bearishness
OPEC+ approved a 188,000 bpd output increase for August, and Citigroup forecasts Brent could fall to $60-65/bbl as Hormuz shipping normalizes, creating a bearish oil outlook.
Ukraine continues drone strikes on Russian oil refineries, with 194 attacks in 2026 (11x increase YoY), but this is an ongoing theme with no new escalation.