OPEC+ has agreed to increase oil production for a fifth consecutive month, announcing that seven member countries will raise output by 188,000 barrels per day from August as global energy markets continue to stabilise

According to Al Jazeera, the production increase was agreed during a virtual meeting involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, as the group reviewed global market conditions.

In a statement, OPEC+ said: "The countries will continue to closely monitor and assess market conditions," adding that members had "reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments".

The group said ministers will meet again on 2 August to reassess the market.

According to Al Jazeera, the increase continues the gradual reversal of voluntary production cuts introduced in 2023 following instability in global financial markets.

Oil prices have eased in recent days after rising sharply during the conflict involving Iran, the United States and Israel.

Brent crude has now fallen back to around pre-war levels as hopes grow for a lasting ceasefire and improved shipping through the Strait of Hormuz.

Market analyst Fabien Yip told Al Jazeera the latest production increase was largely a "paper formality", arguing that supply had already been constrained by disruptions in the Strait of Hormuz.

He added that increased exports, softer demand from China and recovering shipping activity could contribute to a short-term oversupply in global oil markets.