OPEC+ Nudges Oil Output Higher as Market Watches Hormuz and UAE Exit

OPEC+ decided to raise August oil output targets by 188,000 barrels per day, continuing the series of quota hikes since June and moving the seven core members closer to unwinding the 2023 cuts, though actual production remains below pre-war levels due to disruptions and the Strait of Hormuz, with prices near $72 a barrel. UAE’s exit and Iraq’s push for higher quotas add complexity ahead of a potential September increase, while the broader market weighs supply constraints against easing demand signals.