OPEC Plus has decided to increase its oil production quota by 188,000 barrels per day for July, amid ongoing conflict in the Middle East and disruptions to crude transport through the Strait of Hormuz. The decision was approved during a virtual meeting attended by energy ministers from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, according to an official statement from the group.

OPEC Plus stated that the move aims to maintain stability in the global oil market and accelerate compensatory production adjustments among member states during a period of high oil prices. However, analysts at Rystad Energy, including Jorge Leon, noted that the production increase may have limited real impact due to the continuing crisis in the Strait of Hormuz, which restricts actual oil supply.

Experts warned that if instability in the Strait persists, global energy markets could face further pressure, keeping oil prices elevated for an extended period.