Monday 06 / July / 2026
Singapore: Oil prices edged lower on Monday after Opec+ agreed to raise production targets further from August 2026, as exports from major producers continue to recover, potentially adding to global supply.
Brent crude futures fell 24 cents, or 0.33 percent, to $71.88 a barrel, after closing 0.45 percent higher on Friday. US West Texas Intermediate crude steadied at $68.58 a barrel, down 11 cents, or 0.16 percent.
Both benchmarks saw little change last week, having mostly declined in recent weeks as investors closely tracked US‑Iran talks on the future of shipping, while also monitoring the recovery of oil exports from Gulf states.
Opec and its allies, including Russia — the group known as Opec+ — agreed on Sunday to raise output targets by 188,000 barrels per day from August 2026, following similar increases in June and July.
Opec oil output rose by 3.3 million barrels per day in June from the previous month, reaching 19.43 million barrels per day, recovering from its lowest level in more than two decades.
Gulf oil exports surged by more than three million barrels per day in June from May, exceeding ten million barrels per day, though volumes remained 40 percent below pre‑war levels.
Oil shipments from Russia's western ports reached a record high in June and are expected to remain at that level in July, as Russian refineries sustained damage from Ukrainian drone attacks, forcing Moscow to increase crude exports.
