OPEC+ Raises Output Again, Signaling a Shift Away From Price Defense

OPEC+ voted July 5 to raise production by 188,000 barrels per day in August—the fifth straight monthly increase. Crude has fallen to pre-war levels as Iranian exports resume, yet the group is pressing ahead. The strategic pivot is clear: OPEC+ is rebuilding quota allocation and enforcing member discipline instead of defending prices through supply cuts. The real test is compliance—whether members like Iraq actually deliver the barrels.