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.

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.

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.

Nigeria's increase in crude production, along with contributions from other OPEC members, led to a total output rise of 3.3 million barrels per day in June, bringing OPEC's total production to 19.43 million barrels per day, according to Leadership (NG).

Global oil prices have stabilized around $75 as markets shift from concerns about potential supply shortages to worries about oversupply. Analysts caution that geopolitical risks may continue to keep oil prices elevated, particularly in light of ongoing developments related to a peace deal with Iran.

Oil prices fell sharply on Thursday, reaching their lowest levels since the onset of the US-Iran conflict, following an interim agreement between the United States and Iran that alleviated concerns over global crude supply. According to Reuters, Brent crude futures decreased by $1.53.