OPEC+ output hike weigh on oil prices

July 06, 2026 (MLN): Oil prices edged lower on Monday as the Organization of the Petroleum Exporting Countries and its allies moved to raise output targets further from August, while exports from major Gulf producers through the Strait of Hormuz showed signs of recovery, pointing to a potential rise in global supply.

Currently, Brent crude futures is down, 0.35%, at $71.87 per barrel, according to data by Mettis Global. 

West Texas Intermediate (WTI) crude futures is down by $0.07, or 0.1%, to $68.62 per barrel by [09:53 am] PST.

OPEC and its allies, including Russia, agreed on Sunday to lift output targets by a further 188,000 barrels per day starting in August, extending similar increases made for June and July, according to CNBC.

Both benchmark contracts had ended last week largely unchanged after weeks of mostly declining prices, with investors closely tracking talks between the United States and Iran over the future of shipping through the Strait of Hormuz, alongside the pace of recovery in Gulf oil exports.

The latest production increase, however, has so far remained largely theoretical.

The recent U.S.-Israeli conflict with Iran had shut the Strait of Hormuz to tanker traffic, curbing output from key OPEC members including Saudi Arabia, Kuwait and Iraq.

The United Arab Emirates exited OPEC effective May 1.

Gulf producers have since begun restoring supplies that were halted during the Iran conflict, with exports from the region now on the rise.

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