🔺OPEC+ approved an increase in oil production; the gradual reopening of the Strait of Hormuz helped drive prices down ▪The OPEC+ group announced in a statement on Sunday, 14 Tir, that it has agreed to further increase oil production starting from August. The decision comes as the gradual reopening of the Strait of Hormuz for oil exports is increasing global supply and oil prices have also been moving downward. Hashtags: ["OPEC Plus","oil","global oil prices","Strait of Hormuz","energy market"]