Seven OPEC+ Countries Just Raised Oil Output Again, but the Barrels Cannot Get Out
- Seven OPEC+ core members agreed to raise production targets by 188,000 barrels per day for July 2026, their fourth hike since the Strait of Hormuz closed.
- In reality, with the strait shut by the Iran war, the extra barrels cannot reach the market, and that gap is the whole story.
- Seven core members of the OPEC+ alliance have agreed to raise their oil production targets again, and on the surface that sounds like it should push prices down, not up.
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- Seven OPEC+ core members agreed to raise production targets by 188,000 barrels per day for July 2026, their fourth hike since the Strait of Hormuz closed.
- In reality, with the strait shut by the Iran war, the extra barrels cannot reach the market, and that gap is the whole story.
- Seven core members of the OPEC+ alliance have agreed to raise their oil production targets again, and on the surface that sounds like it should push prices down, not up.
Sources: Spindepth