EMEA Oil Update: Crude Eases After OPEC Raises August Output

Oil benchmarks eased on Monday, hovering near pre-war levels, after OPEC confirmed an output increase for August over the weekend and geopolitical tensions continued to ease. The Brent futures contract edged down 0.5% at $71.77 per barrel. Murban futures eased 0.2% at $66.36/bbl. The primary catalyst for the bearish sentiment is a coordinated supply increase from OPEC alongside recovering regional infrastructure. Following a monthly meeting on Sunday, OPEC said that the seven participating nations notably, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman will implement a production adjustment of 188,000 barrels per day starting August 2026. Saxo Bank analysts said "Brent trades steady around [$72], weighed down by continued flows through the Strait of Hormuz and after OPEC+ backed another 180,000 barrels-a-day increase from next month." Beyond boosting immediate global supply, the seven participating OPEC+ nations stated that the August production adjustments are designed to give overproducing members an opportunity to accelerate their compensation plans. The group also reaffirmed its commitment to market stability and reiterated its intention to fully.