OPEC+ Chooses Market Share Over Price, Raising Output for Fifth Straight Month

OPEC+ voted July 5 to raise production by 188,000 barrels per day in August—the fifth consecutive monthly increase. Prices have fallen to pre-war levels as Strait of Hormuz exports resumed, yet the group is pressing ahead. This signals a strategic pivot: OPEC+ is rebuilding quota allocation and enforcing member discipline rather than defending crude prices through supply restraint. Compliance remains the test—actual barrels depend on whether members like Iraq lift output to match their targets.