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OPEC+ Boosts Oil Output Despite Hormuz Tensions
OPEC+ has agreed to increase oil production for the fourth time in four months, despite the ongoing closure of the Strait of Hormuz and the crisis stemming from tensions between the United States and Iran, which have led to reduced oil flows and a decline in production to an average of 33.19 million barrels per day in April. The seven member countries that have raised their quotas since April will increase their target outputs by 188,000 barrels per day starting in July. This will partially undo some of the production cuts scheduled to be eliminated by the end of September, with the group's overall production policy remaining unchanged until the end of 2026.
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