Despite the impressive headline number, the cartel is still pumping nowhere near where it was before the Strait of Hormuz crisis turned Middle East oil flows upside down.

OPEC+ is expected to approve another production quota increase for August as Gulf oil output gradually recovers following the reopening of the Strait of Hormuz.

Despite the impressive headline number, the cartel is still pumping nowhere near where it was before the Strait of Hormuz crisis turned Middle East oil flows upside down.

Seven OPEC+ nations, including Saudi Arabia and Russia, are poised to increase oil production quotas for August, aiming to recover from disruptions caused by the Middle East war.…