OPEC+ Ratifies 188K B/D Quota Hike for August as Gulf Flows Rebound
- Seven OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — formally approved a 188,000 b/d production adjustment for August at a virtual meeting July 5, the latest tranche in the unwind of 2023 supply curbs.
- Bloomberg said the group reaffirmed it could pause, reverse or accelerate future hikes depending on market conditions (https://www.bloomberg.com/news/articles/2026-07-05/opec-agrees-another-modest-oil-output-quota-hike-for-august), while the NYT framed the move as OPEC+ pumping even as prices fall (https://www.nytimes.com/2026/07/05/business/opec-production-iran-war.html).
- Brent and WTI futures were already sliding on glut fears; the ratifica-tion removes residual uncertainty about August barrels and hands another talking point to President Trump's pressure campaign against producers.