United States · Business news · Commodities · 06 Jul 2026
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman agreed on Sunday to raise their combined oil output by 188,000 barrels a day in August, the fifth monthly increase in a row. The addition is under 1% of the group's production target of about 30.5 million barrels a day. Brent had closed below $72 a barrel the Friday before, a level last seen before the US and Israeli war with Iran.
Crude is the revenue line for US exploration and production companies and the main cost input for refiners, airlines, truckers and chemical makers, so a slide to pre-war prices cuts both ways across listed sectors. The increase itself is small against a 30.5 million barrel target; the report says traffic through the Strait of Hormuz was still below pre-war levels, which matters more for supply than this step.
Reported by AAP / CommBank Newsroom — “OPEC+ to expand oil output for fifth straight month as prices slide” ↗ on 06 Jul 2026.
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