OPEC+ raises oil production quotas by 188,000 barrels per day in July

OPEC+ just agreed to pump more oil. Whether that oil actually reaches anyone is a different question entirely.

The alliance announced on June 7 that it will raise collective production quotas by 188,000 barrels per day starting in July 2026. Seven member nations, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, signed on to the increase.

The fourth increase in a row, with an asterisk

This marks the fourth consecutive monthly production hike from OPEC+, part of a broader effort to gradually unwind voluntary output cuts that have been in place since 2023.

The physical bottleneck right now sits in the Strait of Hormuz, where ongoing disruptions linked to the US-Iran conflict have choked one of the world’s most critical oil transit routes. Roughly a fifth of global oil supply typically flows through that narrow waterway.