WS #11460
Seven OPEC+ members agreed to increase oil production by 188,000 bpd starting August 2026, continuing the gradual unwinding of cuts as Gulf flows recover post-US-Iran MoU. Ukraine drone strikes hit oil terminal near St. Petersburg and Vysotsk port, confirmed by Zelensky, adding risk premium to Russian oil supply. 15 fertilizer vessels safely crossed Strait of Hormuz, and 6 High Noons secured transit, indicating supply chain normalization despite Iran's redefinition notification. Iran notifies Oman that Hormuz transit routes will require redefinition, potentially reintroducing supply risk, but this is a single source and lacks corroboration.
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 recover post-US-Iran MoU.
Ukraine drone strikes hit oil terminal near St. Petersburg and Vysotsk port, confirmed by Zelensky, adding risk premium to Russian oil supply.
15 fertilizer vessels safely crossed Strait of Hormuz, and 6 High Noons secured transit, indicating supply chain normalization despite Iran's redefinition notification.
Iran notifies Oman that Hormuz transit routes will require redefinition, potentially reintroducing supply risk, but this is a single source and lacks corroboration.