Seven core OPEC+ members agreed to raise collective output targets by 188,000 barrels per day starting in August, marking a fifth consecutive monthly increase as the group continues rolling back production cuts introduced in 2023. The countries involved are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The decision comes as shipping through the Strait of Hormuz shows early signs of recovery, with daily crossings averaging roughly 40 vessels around July 2 compared with roughly 130 before the war began on February 28. The increase brings total quota additions to 940,000 barrels per day since the war began, and with one more hike expected at the August 2 meeting, the seven members would complete the full reversal of their 2023 cuts. Brent crude traded at roughly $72 a barrel on Friday, retreating from wartime highs above $120, while analysts warn that resuming Gulf supply could push the market into oversupply. The decision also comes amid internal tensions, as the United Arab Emirates formally departed the alliance on May 1 and Iraq has reportedly threatened to follow unless granted a more generous production allowance.