OPEC+ Increases Oil Output by 188,000 bpd from August 2023

OPEC+ announced a quota increase of 188,000 barrels per day (bpd) from August, adding to previous increases throughout June and July. The total output from OPEC+ members has risen from 33.13 million bpd in May to projected increases despite ongoing geopolitical tensions affecting exports from the Strait of Hormuz. Brent crude prices were trading near $72 per barrel, down from peaks of over $120. The adjustments occur as the United Arab Emirates departs the group, affecting future production management among its remaining members.