OPEC+ countries agree to modest oil output hike as prices fall

In early July 2026, seven OPEC+ countries agreed to increase their oil production by a modest amount for August. The decision comes as global oil prices have been sliding and as traffic through the Strait of Hormuz—a key shipping route for oil—gradually recovers after disruptions.

The group approved a quota hike of about 188,000 barrels per day. The move reflects efforts to adjust supply as Middle East tensions ease and exports from the region start to pick up again.