The oil-producing group has agreed in principle to increase quotas by 188,000 barrels per day from August, two sources told Reuters.

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.

OPEC+ plans to increase oil production quotas amid regional stabilization. New all-time high for crude oil by December 31 at 7.5% YES.

OPEC+ ministers decided Sunday to increase oil quotas by a total of 188,000 barrels per day for August, a similar increase to others agreed in recent