The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have approved an increase of 188,000 barrels per day (bpd) in oil production quotas for August. This decision is part of a phased plan to gradually restore crude supplies to the global market.

OPEC+ has approved an increase in oil output as exports through the Strait of Hormuz recover. Brent crude prices were reported at approximately $72 per barrel on Friday, a decline from recent highs exceeding $120, according to SABC Business.

Seven OPEC+ members have decided to raise oil production quotas once more as the situation in the Middle East stabilizes following recent conflicts. This decision comes amidst ongoing challenges faced by Gulf countries due to the war in the region, according to Vanguard.

Seven countries within the OPEC+ alliance have agreed to modestly increase their oil production next month, responding to a decline in fuel prices that have reached levels not seen since before the conflict between the U.S. and Israel and Iran. This decision was announced on Sunday, aiming to bring more oil to the market.

Global oil prices have decreased to levels not seen since before the US-Iran war, leading to expectations for lower petrol prices, according to Daily Trust. Despite this drop, fuel prices in Nigeria continue to exceed N1,000, raising concerns about the slow transmission of global market changes to local consumers and businesses.

The Nigerian National Petroleum Company Limited (NNPCL) reported significant financial growth for April, with revenues reaching N4.97 trillion, an increase from N2.77 trillion in March. Profit after tax also rose to N481 billion, up from N276 billion the previous month. Despite these impressive figures, concerns about public dissatisfaction persist, highlighting a disconnect between corporate profits and the experiences of the populace, according to Daily Trust.