OPEC+ boosts oil production, driving prices down to $89 per barrel

OPEC+ has announced a fourth consecutive monthly increase in oil production, raising output by 188,000 barrels per day for July 2026, as the group led by Saudi Arabia and Russia continues to unwind voluntary supply cuts ahead of schedule. This move, combined with softer global demand expectations and the fading of geopolitical price premiums, has driven crude oil prices down sharply from $112 to $89 per barrel in under two months, creating a record oil surplus projected for 2026. The price drop affects global energy markets, consumers, and oil-exporting nations, as seven core members including Russia, Iraq, and Kuwait are boosting production despite ongoing disruptions in the Middle East that limit some members' ability to fully meet their new quotas.