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The OPEC+ coalition announced a new increase in oil production targets of 188,000 barrels per day starting from July, the same level of increase approved in June, despite ongoing supply disruptions due to the war in the Middle East and the closure of the Strait of Hormuz. Despite these successive increases, the coalition's actual production declined to 33.19 million barrels per day in April, compared to 42.77 million in February, due to decreased exports from Gulf countries. These increases are part of a gradual plan to phase out production cuts that began in 2023, with an expected completion by the end of the third quarter of 2026, amid concerns about the impact of the Strait of Hormuz closure on the global oil market.
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