OPEC+ has decided to raise its oil production targets once again, agreeing to increase output quotas by 188,000 barrels per day (bpd) from August as the group continues to unwind earlier production cuts.

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.

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.…