10:31 - 6.07.2026

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July 6, Fineko/abc.az. At a meeting on Sunday, the OPEC+ alliance decided to once again raise its oil production targets amid the gradual opening of the Hormuz Strait, which is critical for global supply.

Key indicators and market situation:

Increase in quotas: In addition to the June and July increases, the daily production quota will rise by additional 188,000 barrels in August. Although seven key members of the Alliance increased their quotas by a total of 800,000 b/d between April and July, most of this growth remained on paper due to regional military conflicts.

Production recovery: In February, OPEC+ production was 42.77 million b/d, but by May it had dropped to 33.13 million b/d. However, since June, there has been a trend towards recovery in production volumes.

Impact on prices: Despite ongoing supply disruptions, oil prices have returned to pre-conflict levels and remain under pressure. This is due to reduced Chinese imports, increased exports from alternative producers, and record-high releases of strategic oil reserves.