Global oil prices moved lower on Monday after OPEC+ agreed to raise production targets for August and improving exports through the Strait of Hormuz eased concerns over supply disruptions.

Brent crude fell 0.47% to $71.78 a barrel in early trading, while U.S. West Texas Intermediate slipped 0.29% to $68.49 a barrel as markets reacted to expectations of higher global supply.

The Organization of the Petroleum Exporting Countries and its allies agreed to increase output targets by 188,000 barrels per day from August. The move follows similar production increases announced for June and July as the group continues to unwind earlier supply cuts.

The latest decision comes as oil exports through the Strait of Hormuz recover gradually after disruptions linked to the recent Iran-Israel conflict. Tanker traffic through the waterway has improved following a ceasefire, although export volumes have yet to fully return to pre-conflict levels.

A Reuters survey showed OPEC’s crude production rose by 3.3 million barrels per day in June from May, while Gulf oil exports climbed above 10 million barrels per day, pointing to a steady normalization in regional supplies.

Additional supply is also expected from Russia, where crude exports from western ports reached record levels in June. The increase followed refinery disruptions caused by Ukrainian drone attacks, which redirected more Russian oil to international markets.

The decline in oil prices could offer some relief to import-dependent economies such as Pakistan if the trend continues. Pakistan’s petroleum import bill and domestic fuel prices are closely tied to movements in global crude markets, though exchange rates, taxes and levies also shape prices for consumers.