OPEC+ members agreed to raise their collective oil‑production quotas from August even as crude shipments through the Strait of Hormuz remain uncertain.
Seven nations led by Saudi Arabia and Russia will add 188,000 barrels per day to their August output target, OPEC said Sunday. Ministers from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman approved the adjustment during virtual talks on Sunday.
"The countries will continue to closely monitor and assess market conditions," OPEC said. "They reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase."
The decision follows months of conflict‑driven disruption to Hormuz that pushed regional output to historic lows, forcing producers to build large inventories. The strait handles roughly a fifth of global oil flows and has remained a flashpoint between Washington and Tehran.
The prospect of additional supply has revived concerns that a global oil surplus could emerge later this year. Producers could face falling prices and rising storage burdens as the quota increase takes effect.
