Which seven OPEC+ countries agreed to increase oil production in August, and by how much?

The seven OPEC+ countries that agreed to expand oil production in August are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman; they will collectively increase output by 188,000 barrels per day.

What was the Brent crude price cited in the article, and how does it compare to recent highs and pre-war levels?

Brent crude was trading for under $72 a barrel shortly after commodities trading opened on Sunday night — close to its pre-war level before the U.S. and Israel launched strikes on Iran in late February, and far below the March peak of nearly $120 per barrel.

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

Jul 6, 2026

Seven OPEC+ nations agreed to increase oil production by 188,000 barrels per day in August, marking the fifth consecutive monthly hike. This decision comes as Brent crude prices fall below $72 amid easing tensions between the U.S. and Iran.

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