JOHANNESBURG - OPEC+ is increasing oil production once again.
Seven members of the producers' alliance have agreed to raise output by 188,000 barrels per day from August.
The move comes as oil exports recover following months of disruption caused by the conflict in the Middle East.
Production was hit after shipping through the Strait of Hormuz slowed sharply during the war, forcing Gulf producers to cut output.
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While maritime traffic is gradually returning to normal, analysts say it will take time for production to recover fully.
The increase is aimed at restoring supply, but it comes as markets brace for a potential oil surplus next year.
That could put downward pressure on prices and test the unity of OPEC+ as members push for higher production quotas.