WS #11459
Seven OPEC+ members agreed to increase oil production by 188,000 bpd starting August 2026, continuing the gradual unwinding of cuts as Gulf flows begin to recover after the US-Iran interim peace pact. Ukraine struck an oil terminal near St. Petersburg and the port of Vysotsk with drones, hitting Russian oil export infrastructure and adding to fuel shortages. Iran notified Oman that Hormuz transit routes will require redefinition, introducing potential new supply disruption risk for oil markets.
OPEC+ Production Increase
Seven OPEC+ members agreed to increase oil production by 188,000 bpd starting August 2026, continuing the gradual unwinding of cuts as Gulf flows begin to recover after the US-Iran interim peace pact.
Ukraine struck an oil terminal near St. Petersburg and the port of Vysotsk with drones, hitting Russian oil export infrastructure and adding to fuel shortages.
Iran notified Oman that Hormuz transit routes will require redefinition, introducing potential new supply disruption risk for oil markets.