OPEC+ raises August output by 188,000 bpd as Hormuz strait reopens
OPEC+ has agreed to increase oil production by 188,000 barrels per day starting August, continuing its gradual rollback of earlier output cuts. The decision coincides with the reopening of the Strait of Hormuz, a critical global oil shipping route. Despite the production hike, actual supply levels remain below pre-conflict figures due to ongoing disruptions affecting key member producers. Oil prices have already retreated to pre-war levels, weighed down by sluggish Chinese demand and releases from strategic reserves. The alliance is also navigating internal tensions, including the UAE's departure from the group and Iraq's push for revised production quotas.
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