OPEC+ hikes oil output targets for fourth time as Hormuz disruption persists
OPEC+ approved a fourth consecutive increase in its oil-output targets, lifting July quotas by 188,000 barrels per day as the bloc unwinds most of a 1.65 million bpd cut, even though Hormuz Strait disruptions and the UAE’s exit keep actual supply constrained; the seven core members (Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, Oman) have boosted quotas, but production remains well below February levels and prices eased with Brent near $93 and WTI near $90 as traders weigh the risk of a reopened strait and the policy remains in place through 2026 with a review of 2027 baselines.
