Seven OPEC+ member countries agreed to increase combined oil output by 188,000 barrels per day.
The production hike will begin in August 2026.
This decision marks the fifth consecutive monthly increase since the Iran-United States ceasefire framework.
Saudi Arabia and Russia will each add 62,000 barrels per day to the market.
The group is re-establishing its market management role as Strait of Hormuz supply constraints ease.
The move signals confidence in global market stability and demand recovery.