OPEC+ will raise output by 188,000 b/d in August and roll back about 800,000 b/d of voluntary cuts from April–July, bringing total supply release close to 1.0 mln b/d. This is a phased restoration of prior cuts, not the start of a sustained supply-expansion cycle; at roughly 100 mln b/d global supply the change is under 1% and mainly marginal. OPEC+ remains within a net-cut framework — the adjustment reduces the intensity of supply constraints but does not remove them. For oil prices, greater su

OPEC+ will raise output by 188,000 b/d in August and roll back about 800,000 b/d of voluntary cuts from April–July, bringing total supply release close to 1.0 mln b/d. This is a phased restoration of prior cuts, not the start of a sustained supply-expansion cycle; at roughly 100 mln b/d global supply the change is under 1% and mainly marginal. OPEC+ remains within a net-cut framework — the adjustment reduces the intensity of supply constraints but does not remove them. For oil prices, greater supply certainty should compress risk premia, but persistent geopolitical disruptions to exports mean paper volumes may not fully convert to physical flows, implying a capped, range-bound price structure rather than a sustained upswing.