Oil prices ​inched lower on Monday after OPEC+ agreed to further increase its output targets from August ‌while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies.

OPEC+, ‌which groups OPEC and allied producers including Russia, has hiked their output quotas ⁠from April through July by almost 800,000 bpd.

Higher Supply Expectations Pressure Crude Markets Oil prices fell by more than 1% on Monday after OPEC+ agreed to increase production targets again from August, while exports through the Strait of Hormuz continued to recover,

Seven countries in the OPEC+ alliance agreed to lift their combined oil output by a modest 188,000 barrels per day in August, adding supply just as crude prices slide back to levels not seen since before the Iran war erupted.