OPEC+ has agreed to increase its oil production quotas by approximately 188,000 barrels per day, effective from August.
The decision was reached during an online meeting of the producer group, marking a strategic pivot as the organization seeks to capitalize on stabilizing trade routes.
The move comes as oil exports through the Strait of Hormuz show signs of gradual recovery.
The restoration of flow through this critical chokepoint has reduced immediate supply disruption risks, allowing the cartel to consider adding volume to the market.
This development suggests that the acute phase of shipping risk in the region is easing, at least temporarily.
Brent crude prices have softened in response to the news, reflecting the market's assessment of the increased supply outlook.