OPEC+ has announced a substantial increase in oil production quotas, raising output by 547,000 barrels per day starting in September. This decision aims to reclaim market share and is seen as part of a broader strategy to complete the unwinding of previous production cuts. The move comes amid ongoing geopolitical tensions, particularly between the U.S. and India over Russian oil supplies. Analysts suggest that this output hike may help stabilize oil prices, which have recently shown volatility. The Joint Ministerial Monitoring Committee, chaired by Alexander Novak, highlighted the necessity for collective compliance among member countries to ensure the stability of the international oil market.