OPEC+ has agreed to increase its oil production quotas by 188,000 barrels per day starting in August, according to reports from Handelsblatt and Derstandard Econ.
The decision, finalized on Sunday, marks another step in the group’s gradual return to higher output levels after months of managed restraint.
Brent crude prices faced downward pressure in early trading as the market digested the additional supply commitment.
The move underscores the cartel’s attempt to balance market share retention with price stability, even as global demand growth remains uneven.
Traders are closely watching whether the incremental volume will be absorbed without triggering a broader sell-off in energy markets.
The production hike comes amid ongoing geopolitical tensions affecting major shipping routes, particularly in the Strait of Hormuz and the Red Sea.