LONDON, July 5 (Reuters): OPEC+ has agreed a further increase in output targets from August, the group said in a statement on Sunday, to global supply at a time when oil prices are falling due to the gradual reopening of the Strait of Hormuz for oil exports.

The oil-producing group agreed during an online meeting to increase quotas by 188,000 barrels per day from August, on top of similar increases for June and July.

The seven ​core members of OPEC+, which groups OPEC and allied producers including Russia, have hiked their output quotas from April through July ​by almost 800,000 bpd.

Yet the increase has remained largely on paper because of the U.S.-Israeli war on Iran, ⁠which closed the Strait of Hormuz to tanker traffic for some of the most important OPEC+ members, including Saudi Arabia, Kuwait and ​Iraq.

Photo from Reuters