OPEC+ approves further oil output increase from August as Strait of Hormuz exports start to recover

OPEC+ agreed on July 5 to a further increase in oil output targets from August, adding to global supply at a time when oil prices are falling due to the gradual reopening of the Strait of Hormuz, according to a group statement. The decision compounds downward pressure on oil prices, coming as exports through the critical shipping channel — disrupted during the US-Iran conflict — begin to recover. The increase raises pressure on producer economies heavily dependent on hydrocarbon revenues, even as the group adds supply into a softening market.