OPEC+ Raises August Output by 188,000 BPD Despite Oil Price Slump

Hyperdash News07/05/2026 20:21 UTCCommodities

OPEC+ will increase oil output by 188,000 barrels per day in August. This marks the fifth consecutive monthly supply increase from the group. The decision comes as oil prices have fallen, with WTI down 22% and Brent down 20% over the past month, nearing pre-war levels.

The group stated it will continue to monitor market conditions and maintains flexibility for future adjustments. This output hike occurs despite recent price declines, suggesting a focus on market share or a belief in underlying demand. The early reaction on Hyperdash:

WTI Crude up +0.17%,

Brent Crude up +0.15%.

Sources

First Squawk

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