Oil prices held steady after recent declines. Markets responded cautiously to growing expectations of OPEC+ supply hike output in August. Iraq, a key member of the alliance, closely tracks these developments as they affect both revenue and production strategies.
Brent crude edged up by 10 cents, reaching $66.84 per barrel. U.S. West Texas Intermediate also moved slightly, climbing 9 cents to $65.20. These modest increases reflected the market’s uncertainty around the next OPEC+ decision.
Analysts expect the alliance to increase production again. The phrase OPEC+ supply hike now shapes most oil-related discussions. Four sources confirmed plans to boost output by 411,000 barrels per day in August. Previous hikes already took place in May, June, and July.
If OPEC+ approves the plan, the total increase for the year will reach 1.78 million barrels per day. That equals more than 1.5% of global oil demand. Iraq and other members hope the hike balances supply needs with stable prices.
Energy strategists believe the market will stay well-supplied. ING analysts noted that surplus capacity within OPEC can meet extra demand. They added that expectations for a balanced oil market calm investor fears. The phrase OPEC+ supply hike now signals steady progress rather than shock.
Still, some concerns remain. Traders worry about rising U.S. tariffs and their effect on global growth. U.S. Treasury officials hinted at higher trade penalties if talks fail by the deadline. These economic pressures weigh on global demand forecasts.
Geopolitical tension also plays a role. A recent 12-day war raised Brent prices to over $80. The conflict began when Israel attacked Iranian nuclear sites. The situation escalated after a U.S. airstrike. Prices surged but later dropped to $67 after a ceasefire announcement.
Experts now expect oil prices to fall again. Morgan Stanley predicts Brent will drop to $60 by early next year. They cite oversupply and less risk from geopolitical events. A projected surplus of 1.3 million barrels per day in 2026 supports this view.
As the OPEC+ meeting nears, Iraq watches closely. The phrase OPEC+ supply hike remains central to both planning and revenue projections. For now, stable prices reflect cautious optimism in a complex global energy landscape.