Global Oil Prices Dip as OPEC+ Signals Output Boost Amidst Geopolitical Shifts
Global crude oil prices experienced a slight decline as OPEC+ members agreed to elevate production targets starting in August. While the organization plans to add 188,000 barrels per day to existing targets, the actual impact remains debated due to ongoing tensions in the Strait of Hormuz and the recent departure of the UAE from the bloc. Additionally, increased crude exports from Russia—triggered by Ukrainian drone strikes on refining facilities—and a gradual recovery of Gulf exports are contributing to a rise in global supply, weighing down the prices of Brent and WTI futures.















