OPEC+ has agreed to increase output targets by 188,000 barrels per day starting in August. This decision follows similar increases in June and July to gradually phase out production cuts. The group reaffirmed its commitment to market stability, but reserves the right to adjust production levels as needed. Countries that overproduced since January 2024 must compensate for the excess supply. Despite these planned increases, actual OPEC+ output has fallen significantly due to disruptions, including the closure of the Strait of Hormuz. However, oil prices have declined to pre-war levels, influenced by lower Chinese imports and strategic stock releases. A memorandum of understanding between Washington and Tehran has also contributed to expectations of returning supply stability. The UAE recently exited OPEC+, impacting the group's core members involved in production management. The seven core producers are now unwinding previously agreed-upon cuts without the UAE's participation. Future production adjustments will depend on factors like Strait of Hormuz traffic and global demand recovery.