OPEC+ approves fourth oil output quota hike since Hormuz closure

AI Summary

OPEC+ approved its fourth oil output increase in four months, with seven core members (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) agreeing to boost daily production by approximately 188,000 barrels starting in July. The increase aims to support market stability despite the ongoing Strait of Hormuz crisis caused by the US-Iran war, which has prevented several OPEC+ members from fully meeting their supply obligations. However, the boost represents only a minimal increase relative to the global supply shortfalls created by the conflict.