OPEC+ countries agree to expand monthly oil production modestly as prices slide

OPEC+ plans to modestly expand monthly oil production, signaling continued support for market stability even as prices slide. On Sunday, seven member countries agreed to increase output by a combined 188,000 barrels per day in August, marking the fifth consecutive month of production increases. The group—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—said it will monitor conditions and adopt a cautious approach. The move follows crude declines linked to improved Iran-U.S. dynamics after an interim deal and the resumption of shipping through the Strait of Hormuz, though traffic remains below pre-war levels. Brent closed below $72 per barrel on Friday, near late-February levels. S&P Global Energy said Gulf production may not fully rebound until at least the first quarter of 2027.