OPEC+ ministers have agreed to raise oil production quotas by 188,000 barrels per day starting in August to help stabilise the global oil market.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman convened online to decide on the increase, OPEC+ confirmed in a press release.
Of the additional production, Saudi Arabia and Russia will each contribute 62,000 barrels per day, while Iraq will add 26,000 barrels.
The seven nations are set to reconvene on 2 August to discuss further developments.
Disruptions in the Middle Eastern oil supply chain during the regional conflict had a significant impact, with the blockade of the Strait of Hormuz cutting off access to key ports in the Persian Gulf.
Iranian attacks on oil infrastructure in neighbouring countries further compounded the situation, pushing oil prices to peak levels globally.
With tensions easing and tanker traffic recovering, oil prices have declined from their earlier highs.
