OPEC+ countries, including Saudi Arabia and Russia, to boost oil production
AP News
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Seven countries in the OPEC+ grouping of oil-producing countries — including Saudi Arabia and Russia — say they’ve decided to a modest increase in production starting in June as part of a commitment to “market stability.” The commitment to raise production by 188,000 barrels per day comes after a virtual meeting they held on Sunday.
The move is mostly symbolic because it comes as Iran blocks on the Strait of Hormuz at the mouth of the Persian Gulf, where about a fifth of the world’s trade in oil and natural gas typically passes in the midst of the U.S.-Israeli war.
OPEC+ agrees symbolic output hike
- OPEC+ countries agree modest rise in production as Iran retains chokehold on key Strait of Hormuz ABC News —
- OPEC+ countries agree modest rise in production as Iran retains chokehold on key Strait of Hormuz The Independent —
- OPEC+ agrees on third oil output quota hike since Hormuz closure NY Post —
- OPEC+ hikes oil production quotas, silent on UAE pull-out Punch —
- UAE exit from OPEC+ signals structural shift, analysts warn of weaker oil prices ahead IOL —