Loading…
Seven core OPEC+ members agreed to raise July crude output by 188,000 bpd, the fourth consecutive monthly increase. The UAE left the group on May 1, and the Hormuz closure removed about 7.88 million bpd of production after February 28.
Saudi Arabia's energy minister said the world needs every form of energy stabilisation.
The quota rise is largely symbolic while Gulf exports are constrained, so it has little direct effect on crude or diesel prices. The longer-term risk is an oversupply if Hormuz reopens.
thenationalnews.comSarmad KhanJun 7, 2026After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% over 20.
After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% 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.
