OPEC+ Alliance Tentatively Agrees to Increase Oil Production Quotas for August

The OPEC+ alliance has reached a preliminary agreement to increase oil production quotas by 188,000 barrels per day for next August. Informed sources familiar with the alliance's negotiations, ahead of its scheduled meeting later on Sunday, reported this consensus. The sources indicated that this increase, which is likely to be approved, is the same as that sanctioned for June and July. This development comes amid a decline in oil prices, and with the gradual resumption of navigation through the Strait of Hormuz following the recent easing of regional tensions.