OPEC+ has agreed to further increase monthly oil production to boost global supply after oil prices fell back to pre-Middle East war levels.
On Sunday, 5 July 2026 GMT+7, OPEC+ issued a statement saying the group agreed to raise its oil production targets starting in August to increase supply to the global market amid falling oil prices, following the resumption of shipping through the Strait of Hormuz.
During an online meeting, the oil-producing group agreed to raise production quotas by another 188,000 barrels per day starting in August, following earlier increases for June and July.
The seven main OPEC+ members, including OPEC and allied producers such as Russia, have already increased their production quotas by nearly 800,000 barrels per day from April to July.
However, most of these production increases have been nominal since the war between the U.S.-Israel coalition and Iran forced closure of the Strait of Hormuz, preventing oil tankers from passing and impacting several OPEC+ members including Saudi Arabia, Kuwait, and Iraq.
OPEC data shows that OPEC+ production fell to 33.13 million barrels per day in May from 42.77 million barrels per day in February. Production began recovering in June after the U.S. helped the United Arab Emirates and OPEC+ members boost their oil exports.
Although supply disruptions persist, oil prices have returned to pre-war levels, pressured by reduced Chinese imports, increased exports from producers outside the Middle East, and historic releases from global strategic reserves.
Additionally, a memorandum of understanding between Washington and Tehran to end the war has helped restore traders' confidence that oil supply will ultimately return to normal.
Brent crude prices dropped to around $72 per barrel last Friday, returning to pre-Middle East war levels after previously soaring above $120 per barrel.
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Source:cna