OPEC+ has agreed to increase oil production quotas by 188,000 barrels per day in July, with ministers from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman approving the move during a virtual meeting.

OPEC+ plans a fourth oil output quota increase amid ongoing challenges from the U.S.-Iran war and UAE's exit.

Seven members of OPEC+, which groups OPEC and allied producers including Russia, increased output quotas from April to June by almost 600,000 barrels per day.

OPEC+ ministers decided Sunday to increase oil quotas by a total 188,000 barrels per day for July, in a move analysts said would be unlikely to have an impact on prices sent…