OPEC Plus, the coalition led by the Organization of the Petroleum Exporting Countries, has decided to increase its crude oil production target starting in August. The move comes as global oil prices continue to decline and exports through the Strait of Hormuz return to normal levels. The group said the decision reflects its shared commitment to maintaining stability in the global energy market.

According to an OPEC statement, seven participating countries agreed to implement an additional daily production increase of 188,000 barrels, building on the voluntary adjustments announced in April 2023. Analysts noted that the resumption of oil shipments through the Strait of Hormuz has already boosted supply, contributing to downward pressure on prices.

The new production increase is expected to play a significant role in addressing supply shortages in the global energy market, according to the report sourced from Al Jazeera.