Seven OPEC+ members have agreed to increase their collective oil production quotas by 188,000 barrels per day for August, marking a fifth consecutive month of output expansion.
The group, comprising Algeria, Iraq, Kazakhstan, Russia, Kuwait, Oman, and Saudi Arabia, finalized the decision on Sunday, aiming to stabilize markets after prices retreated to levels seen before the US and Israel struck Iran.
The move signals growing confidence among Gulf producers that the immediate threat to regional shipping routes is diminishing.
By raising supply targets, the alliance is effectively betting that geopolitical premiums are fading and that normal trade flows can resume without the disruption risks that previously justified tighter output caps.
This incremental increase reflects a broader shift in market sentiment.
With oil prices having softened significantly, producers are prioritizing market share and revenue stability over price support.