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OPEC+ Boosts Output Amid Gulf Recovery | Calgary News
Seven OPEC+ nations are set to ramp up oil output by 188,000 barrels daily starting August 2026, as Gulf states recover from Middle East war disruptions that slashed exports by 6 million barrels a day. Iran’s earlier blockade of the Strait of Hormuz forced a shipping crisis, but a U.S.-Iran deal is restoring maritime flow—already pushing prices back to pre-war levels. While July may show modest gains, August could see a stronger rebound, with oil transit through the strait nearing 10 million barrels daily. Expect an oil surplus next year, putting downward pressure on prices as OPEC+ navigates…
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