Seven countries, led by Saudi Arabia and Russia, have agreed to raise the joint quota by 188,000 barrels per day over the next month.
OPEC-plus has increased production by 940,000 barrels since the war against Iran began, which corresponds to almost 1 percent of global demand.
The increase has so far been theoretical because of the blockade of the Strait of Hormuz. However, since the US and Iran signed a memorandum of understanding in mid-June to end the war, traffic through the strait has partially resumed, which has led to a drop in oil prices.
