Oil producers approve supply boost as Middle East tensions persist

OPEC+ has agreed to increase oil production quotas by 188,000 barrels per day in July, with ministers from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman approving the move during a virtual meeting.

In a statement, the group said the increase is intended to support oil market stability and allow members to accelerate compensation cuts amid elevated oil prices.

However, analysts questioned the practical impact of the decision while disruptions continue to affect shipments through the Strait of Hormuz.