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The OPEC+ alliance faced significant challenges due to the closure of the Strait of Hormuz, which accounts for about one-fifth of global oil supplies. Iran has imposed a near-complete closure since the outset of the Middle East war. This has led to a decline in the alliance’s production from approximately 43 million barrels per day in February to over 33 million barrels in April, reflecting its limited ability to compensate for the supply shortfall. Additionally, the UAE’s withdrawal from the alliance and escalating geopolitical tensions threaten the stability of the oil market and the ongoing efforts to maintain balance within OPEC+.
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