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OPEC+ raises output levels again despite tumbling crude prices

Economy MarketWatch By Mike Murphy 05 Jul 2026 19:55 1 min read
OPEC+ raises output levels again despite tumbling crude prices

Major oil producers on Sunday agreed once again to modestly increase their crude production, although, as in previous months, the hike is largely symbolic until a peace deal between the U.S. and Iran sticks and the Strait of Hormuz is fully reopened to shipping traffic.

Major oil producers on Sunday agreed once again to modestly increase their crude production, although, as in previous months, the hike is largely symbolic until a peace deal between the U.S. and Iran sticks and the Strait of Hormuz is fully reopened to shipping traffic.

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