OPEC+ major oil-producing countries have approved the latest round of modest production increases, largely completing the current process and giving them room to raise output further once the Middle East conflict concludes.

Following a video conference on Sunday, the group announced that seven member nations, led by Saudi Arabia and Russia, have agreed to collectively increase their oil production target by an additional 188,000 barrels per day next month.

The organization has been raising its oil quotas monthly during the Iran conflict, even though regional oil supplies remain constrained by the ongoing hostilities.

Bloomberg reported last week that OPEC+ plans to suspend further increases to oil production quotas after completing the final increment in September.

While the current production increase is largely symbolic, it could allow Saudi Arabia to boost output once oil supplies from the Persian Gulf return to normal, thereby helping to replenish depleted global oil inventories.

OPEC+ will continue to hold monthly meetings, with the next session scheduled for September 6.