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I have a question regarding the "Double-Oh" Agents hierarchy. Is 006 a higher rank than 007, or is it the other way around? Does a higher number designate a higher rank in the hierarchy of secret agents, or does a lower number do so? Or are all the 00 agents equal rank?

I've been always thinking that only 00 is about hierarchy...
like 00 means agent has a licence to kill..and the 6 or 7 part is something random dunce maybe it depends on how long someone works in Mi6

the 00 indeed does mean you have a licence to kill (not to break the traffic laws).
The number after it, is just a number you get: if 009 just died and they got you to be the new double-oh, you take that number.

Though in the Flemming-books there are only 3 double-ohs at the time and I have to check if there is a hierarchy there, not sure

I never saw it as a hierarchy with the last digit, but I thought it was with the 0's. Like, if you had an agent that was 7, he was entitled to some things but 07 had a different thing going on, and 007 is what we know and love. I think 001-009 or whatever the highest would be, they're all officially equal, but I think M has his/her favorites, 007 being one of them, and 009 being another, since if I can remember correctly, 009 is the only other one that hasn't been killed yet, right? Unless they did that in a book and its considered canon or something idk. Eh who knows.

hierarchy?
only operationally, not actually!

I thought 00 was the hierarchy. Ie: you work your way into the 00 rankings....and the last number was just your assigned number.

Like 00 means you have a license to kill, and the 6,7,9 are just your ID numbers within the 00 ranks.

the 00(7)is a number that tells mi5 that James bond was there seventh undercover agent to be given dangerous mission e.g. saving a women from the grip of say jaws.

What about 0007?