(Investing) – OPEC+ oil-producing countries are reportedly likely agree to increase their output targets from August when they meet on Sunday. The move would add supply at a time when prices are falling as the Strait of Hormuz gradually reopens.The target will increase by about 188,000 barrels per day for August, matching the increases for June and July, a Reuters report said.Seven core members of OPEC+, which groups OPEC and allied producers including Russia, have increased their output quotas from April to July by almost 800,000 barrels per day.The Iran war led to a sharp drop in production among key members. OPEC+ output fell to 33.13 million bpd in May from 42.77 million bpd in February, according to OPEC data.Oil prices have returned to pre-war levels, pressured by weaker Chinese imports, higher exports from non-Middle East producers, a record strategic stock release coordinated by the International Energy Agency, and the U.S.-Iran memorandum of understanding to end the war that helped ease supply concerns.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.