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OPEC+ Hikes Output, Brent Under $72, Iran Threatens Tankers

7/6/2026

26 6 Full Breakdown

Summary

OPEC+ Hikes Production

OPEC+ announced Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman will add 188,000 bpd in August, a rise under 1% of the 30.5 million-bpd target and the fifth consecutive monthly hike.
Brent closed below $72 a barrel on Friday, near pre-war levels after a March peak near $120.
Iran warned Thursday that tankers must follow its approved Hormuz routes or face a forceful response.

Summary

Iran Restarts Sales

UAE exited OPEC+ in May to match production to its own capacity.
Iran began talks with three Japanese firms to restart crude sales under a U.S. waiver (June 22-August 21), which would be Japan’s first Iranian oil imports since 2019.
Shipping insurers and Strait of Hormuz safety concerns dampen buyer interest despite the waiver.
Russia increased crude exports after Ukrainian drone attacks hit its refineries, adding more oil to global markets.

History

Historical Context

In October 1973 OAPEC announced an oil embargo against the United States and other supporters of Israel, prompting Saudi Arabia, Iran and other Arab producers to cut output and raise the posted price from $3 to $11.65 per barrel—a rise of almost 300 %. The shock forced Western economies into recession and established oil as a geopolitical weapon, a dynamic that still guides OPEC+ output decisions today.

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OPEC+ Hikes Production

OPEC+ announced Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman will add 188,000 bpd in August, a rise under 1% of the 30.5 million-bpd target and the fifth consecutive monthly hike.
Brent closed below $72 a barrel on Friday, near pre-war levels after a March peak near $120.
Iran warned Thursday that tankers must follow its approved Hormuz routes or face a forceful response.

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