Opec+ approves fourth oil output quota hike since Hormuz closure
Opec+ agreed on Sunday on 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 O
Opec+ has approved a fourth consecutive monthly increase to its oil output targets, adding 188,000 barrels per day from July. This decision comes despite ongoing disruptions to oil flows through the Strait of Hormuz, which have impacted several member nations' ability to meet their production quotas. The group's actual production has significantly decreased since February due to export cuts by Gulf members. The seven core members involved in this quota adjustment are Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman.
These output adjustments are significant as they signal Opec+'s strategy to gradually unwind previous production cuts, but their real-world impact remains constrained by geopolitical factors affecting major shipping routes.
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