OPEC+ Ratifies Planned Oil Quota Hike as Gulf Flows Rebound

Source: Yahoo! Finance/Bloomberg

Sun, July 5, 2026 at 6:35 AM EDT


(Bloomberg) -- Major OPEC+ members agreed another modest increase to their collective oil-production quotas for next month, adding to the prospect of more supply eventually hitting the market if a US-Iran peace pact can stick.

Seven nations led by Saudi Arabia and Russia agreed at a video conference on Sunday to add 188,000 barrels a day to their output target, OPEC said in a statement on its website. It's in keeping with the group's plan to finish reversing output curbs made a few years ago, and means that since the war began, they've added 940,000 barrels a day to quotas — equivalent to almost 1% of global demand.

Those increases have so far been theoretical because the war blocked the Strait of Hormuz and stopped Persian Gulf members from ramping up exports and output.

However, since an interim peace pact between Tehran and Washington, the Saudis and their neighbors have started to restore shipments, helping drive a surplus in key Asian markets.

Read more: https://finance.yahoo.com/energy/articles/opec-ratifies-planned-oil-quota-103548988.html