OPEC+ has formally agreed to raise its oil production targets by 188,000 barrels per day starting in August, the cartel confirmed in a statement on Sunday.
The decision marks the latest step in a gradual supply normalization strategy, adding to similar output increases implemented in June and July.
The move comes as global markets continue to price in persistent shipping risks in the Strait of Hormuz.
Despite the incremental supply boost, Brent crude remains sensitive to geopolitical tensions in the region, with traders weighing the additional barrels against ongoing route exposure and insurance costs.
The cartel’s decision suggests confidence that demand can absorb the extra volume without triggering a significant price correction, even as logistical headwinds persist.
This latest adjustment follows earlier reports from The Straits Times and Handelsblatt that the group was poised to finalize the quota increase.