Organization of the Petroleum Exporting Countries Plus (OPEC+) raises August oil output by 188,000 bpd

Exam-focused facts from the 7 July 2026 current affairs briefing.

Key facts

Seven countries in the Organization of the Petroleum Exporting Countries Plus (OPEC+) alliance decided to raise oil output by a combined 188,000 barrels per day in August.
The countries involved in the decision are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
This production increase has been agreed upon for a fifth consecutive month.
Brent crude, the international benchmark, was trading below USD 72 a barrel shortly after commodities trading opened on Sunday night.
S&P Global Energy estimated that Gulf oil production is not expected to recover fully until at least the first quarter of 2027.