OPEC+ has agreed to increase its oil production targets by 188,000 barrels per day starting in August, the group confirmed in a statement on Sunday.
The decision marks the third consecutive month of quota hikes, following similar increases implemented in June and July, as the alliance seeks to capitalize on recovering export flows through the Strait of Hormuz.
The move signals a strategic shift by the cartel, which had previously maintained tighter supply constraints amid heightened geopolitical tensions in the Persian Gulf.
With shipping routes stabilizing and tanker traffic resuming normal patterns, OPEC+ members are positioning themselves to regain market share and address potential oversupply risks that could emerge as global demand softens.
Brent crude prices faced downward pressure in the session following the announcement, as traders digested the prospect of additional supply entering the market.
The decision underscores the cartel’s willingness to prioritize volume over price support when geopolitical headwinds recede, a stance that could influence broader energy market dynamics in the coming quarters.