OPEC+ approves fourth oil output quota hike since Hormuz closure
AI Summary
OPEC+ member nations approved an increase in oil production quotas of approximately 188,000 barrels per day starting in July, continuing a pattern of monthly increases that began four months earlier. Analysts and outlets widely noted that the increase functions primarily as a policy signal, with geopolitical constraints—particularly the US-Iran conflict and closure of the Strait of Hormuz—preventing several members from actually expanding output and limiting the practical impact on global supply and prices.
LONDON (Reuters) -- OPEC+ agreed Sunday a fourth increase in its oil output targets in as many months, even though the US war with Iran is still preventing several of the group's members from pumping more.
The war has cut oil flows via the Strait of Hormuz, creating the world's biggest-ever supply crisis as key OPEC+ members including Saudi Arabia have been unable to supply customers in full since the end of February.
The crisis for OPEC+ deepened when the United Arab Emirates left the Organiza ...