OPEC+ approved a new production increase for August as recovering crude supplies and easing geopolitical concerns kept oil prices near pre-conflict levels.

The fifth consecutive increase comes as the cartel continues to unwind production cuts introduced in recent years.

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

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