OPEC+ has agreed to raise oil production by a further 188,000 barrels per day from August, marking the fifth consecutive monthly increase in output quotas as the group continues to unwind its earlier production cuts.
That brings the total increase in output quotas to around 940,000 barrels a day since the war began.
The move comes as oil prices continue to ease amid Gulf states ramping up production and the reopening of the Strait of Hormuz calming fears of major supply disruptions.
Brent crude is now trading around $72 per barrel, down from its April peak of $126 per barrel and close to pre-conflict levels.
Saudi Arabia, the world’s top exporter, shipped an average of 6.3 million barrels a day last week, restoring flows to almost 90% of February’s pre-war levels.
