OPEC+ approves fourth oil output increase since Hormuz closure

OPEC+ has approved the fourth oil output increase since the Hormuz closure crisis. Seven member countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, decided to implement a production adjustment of 188,000 barrels per day in July 2026. This follows additional voluntary adjustments announced in April 2023 and aims to support market stability. The countries reaffirmed their commitment to monitor market conditions and maintain full flexibility to adjust or reverse cuts.