OPEC+ increases August output

The OPEC+ alliance decided during an online meeting to increase oil production quotas in August by 188,000 barrels per day, aiming to recover from the decline in production experienced by some Gulf countries, especially after the closure of the Strait of Hormuz during the Middle East war. Despite the challenges, shipping activity through the Strait of Hormuz is beginning to show signs of recovery, amid a decline in oil prices to pre-war levels, with expectations of gradual resumption of supplies.