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OPEC+ agreed to raise quotas by 188,000 bpd for August, bringing the total increase since April to almost 800,000 bpd. The increase has largely existed on paper because the Strait of Hormuz closure cut exports from several members, though output is recovering from its May low.
Higher quotas add future crude supply while prices have already fallen back to pre-war levels, which points to softer energy costs for feed producers, freight and fertilizer.
reuters.comAlex LawlerJul 5, 2026After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
