OPEC+ on Sunday agreed to a fourth consecutive increase in oil production targets, even as the ongoing US-Iran conflict continues to restrict exports from several member countries and disrupt global energy supplies, Reuters reported.Seven core members of OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, decided to raise output targets by 188,000 barrels per day (bpd) from July, according to a statement issued after the meeting.The increase matches the June hike, which was revised lower from monthly increases of 206,000 bpd implemented in April and May following the United Arab Emirates’ exit from OPEC+.The decision comes despite continuing disruptions to oil flows through the Strait of Hormuz, a key global energy transit route.The conflict has created what has been described as the world’s largest-ever oil supply crisis, with major Gulf producers, including Saudi Arabia, unable to fully meet customer demand since late February.Since April, the seven countries have raised output quotas by almost 600,000 bpd as part of the gradual unwinding of a 1.65 million bpd production cut agreed in 2023.However, actual production remains well below target levels.According to OPEC figures, the group’s production averaged 33.19 million bpd in April, down sharply from 42.77 million bpd in February, reflecting export disruptions among Gulf producers.“An OPEC+ production increase means very little while the Strait of Hormuz remains closed,” said Jorge Leon, an analyst at Rystad and a former OPEC official.“When the Strait of Hormuz reopens, the market could move very quickly from fear of shortage to fear of surplus,” he added.Oil prices fell to around $93 a barrel on Friday as traders grew more confident that the risk of a renewed escalation in the US-Iran conflict had eased. Prices were near $72 a barrel before the conflict began.Output cut unwind nears completionThe seven countries are increasing production under a plan to gradually reverse the 1.65 million bpd voluntary production cut agreed in 2023.According to Reuters calculations, after the July increase, around 567,000 bpd of the original cut remains to be restored to the market, taking into account the UAE’s exit from the group.If OPEC+ continues with monthly increases of roughly 188,000 bpd in August and September, the remaining cuts could be fully unwound by the end of September.The countries participating in Sunday’s meeting were Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia and Oman.Three additional OPEC and OPEC+ meetings, including a gathering of all OPEC+ ministers, were also scheduled for Sunday. Sources had indicated earlier that no changes were expected to the broader group-wide production policy