Seven OPEC+ Members to Raise August Oil Output by 188,000 Barrels a Day

Seven OPEC+ members, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, agreed on Sunday, July 5, 2026 (14 Tir), to raise their combined oil output by 188,000 barrels a day in August. According to Al Jazeera, it marked the fifth consecutive month the group has agreed to raise production, part of a gradual unwinding of the output cuts announced in 2023. The countries said in a statement they would continue to monitor market conditions and maintain a cautious approach. The decision came as oil prices eased from the highs of recent weeks.