Oil prices ​inched lower on Monday after OPEC+ agreed to further increase its output targets from August ‌while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies.

OPEC+, ‌which groups OPEC and allied producers including Russia, has hiked their output quotas ⁠from April through July by almost 800,000 bpd.

Seven countries in the OPEC+ alliance agreed to lift their combined oil output by a modest 188,000 barrels per day in August, adding supply just as crude prices slide back to levels not seen since before the Iran war erupted.

Oil prices edged lower in early Asian trading on Monday after OPEC+ agreed to increase production targets for August, adding to expectations of stronger global crude supplies and easing concerns over disruptions in