OPEC+ took a big decision, crude oil prices fell, know what is the new rate now

There is a decline in crude oil prices in the global energy market. This decline has come after the decision by OPEC+, the organization of oil producing countries, to increase production and partial improvement in crude oil exports through the Strait of Hormuz. On Monday, both Brent Crude and WTI Crude oil prices remained near their low levels.

Latest status of crude oil prices

Oil prices have seen fluctuations in the last 24 to 48 hours. On Monday, Brent Crude was trading below $72 per barrel and WTI Crude was trading below $69 per barrel, the lowest level since February. The prices are detailed in the table below:

OPEC+ decided to increase production

On Sunday, July 5, 2026, OPEC+ has announced an increase in oil production by 188,000 barrels per day (bpd) for the month of August. This is the fifth consecutive month that the organization has increased production. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman are included in this decision. The United Arab Emirates (UAE) is no longer part of the group as it pulled out of OPEC in May this year.

OPEC+ has said that it will continuously monitor market conditions and can decide to increase, stop or withdraw production if necessary. The next meeting of the group is scheduled to be held on August 2, 2026.

Update on ship movements in the Strait of Hormuz

Crude oil exports through the Strait of Hormuz are gradually improving. Following a temporary peace agreement between the US and Iran, oil exports from the Gulf region have increased by more than 3 million barrels per day in June, taking total exports to more than 10 million barrels per day. However, this is still about 40 percent below pre-war levels.

Meanwhile, security challenges still remain. Iran’s Joint Military Command has warned that all oil tankers passing through this route will have to follow the approved route, otherwise strict action will be taken against them. Furthermore, due to war risk, the insurance premium for ships taking this route remains at 2.8 percent, much higher than 0.15 percent in normal times.