OPEC and its allies have decided to slightly increase oil production by around 188,000 barrels per day from June. This is the third straight month of output hikes, aimed at calming global markets.
However, the impact may be limited. Ongoing tensions in the Gulf region have disrupted shipments through the Strait of Hormuz, a key route for global oil trade.
As a result, even with higher production targets, actual supply remains tight. Oil prices continue to stay elevated, and analysts say stability will depend on easing geopolitical tensions and restoring normal shipping routes.