OPEC+ Agrees to Further Increase Oil Output by 188,000 BPD from August Amid Falling Prices

Seven OPEC+ members, including Saudi Arabia and Russia, have agreed to boost oil production by 188,000 barrels per day starting in August. This marks the fifth consecutive monthly increase and comes as oil prices have fallen to pre-war levels, partly due to the gradual reopening of the Strait of Hormuz for oil exports. The decision aims to stabilize the market following the United Arab Emirates' departure from OPEC in May.