OPEC+ nations, including Saudi Arabia, Russia, and Iraq, have agreed to increase oil production by 188,000 barrels per day starting next month, as oil prices have been falling. This decision follows a series of production hikes totaling nearly 800,000 barrels per day since April. Despite these increases, OPEC+ production fell by nearly 10 million barrels per day in May due to the closure of the Strait of Hormuz until mid-June. As of now, Brent crude is priced at approximately $72.03 per barrel, while West Texas Intermediate is at $68.58 per barrel.
In related news, the U.S. Department of Energy reported a decrease in the Strategic Petroleum Reserve, which now stands at 319.5 million barrels, the lowest level since April 1983. This reduction is part of a broader effort to manage gasoline prices amid ongoing supply issues linked to the conflict with Iran.
Additionally, a fourth advanced nuclear reactor, Aalo-X, achieved criticality on July 4, surpassing a previous goal set by the Trump administration. This reactor is expected to support energy-intensive operations, such as those in data centers, and aims for commercial operation by 2029. The Department of Energy confirmed this milestone, which is part of a program to advance nuclear technology in the U.S.
Lastly, a commission has determined that a January power outage in Berlin was caused by a terrorist attack, affecting around 45,000 people. The incident was initially claimed by a left-wing group, but the commission did not assign a specific motivation for the attack.