The OPEC+ alliance has agreed to raise oil production again in August, extending a series of monthly output increases as crude prices continue to ease from recent highs.

The group said seven member countries will collectively add 188,000 barrels of oil per day next month. The participating producers are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.

According to the alliance, the decision is aimed at meeting market needs while continuing efforts to keep the oil market stable. OPEC+ also said it will closely monitor global market conditions and adjust its approach if necessary.

Oil prices have fallen in recent weeks after tensions in the Middle East eased. The decline followed an interim understanding between the United States and Iran that reduced fears of further disruptions to global energy supplies.

The agreement also paved the way for the resumption of commercial shipping through the Strait of Hormuz, a key route for global oil exports. Although tanker movements have picked up, shipping activity has yet to return to levels seen before the conflict.

Brent crude, the global oil benchmark, closed below $72 per barrel at the end of last week after climbing to nearly $120 per barrel during the peak of the regional conflict earlier this year.

Analysts say the latest increase highlights OPEC+’s effort to strike a balance between maintaining adequate global oil supplies and preventing excessive price volatility as uncertainty over demand and geopolitical developments persists.