Bangladesh, July 6 -- OPEC+ has agreed to raise oil production targets again from August, extending its gradual rollback of voluntary production cuts.

Seven key producers-including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman -will collectively increase output by 188,000 barrels per day, marking the fifth consecutive monthly increase.

The decision reflects growing confidence that oil supply disruptions caused by the recent Iran-Israel conflict are easing as shipping through the Strait of Hormuz gradually resumes. Consequently, Brent crude has retreated to around US$72 per barrel, compared with peaks above $120 during the conflict.

What does this mean?

Supply is recovering: OPEC+ is signalling that the market can a...