OPEC+ Increases Oil Output Quotas Amid Ongoing Strait of Hormuz Closure
OPEC+ has decided to increase its oil output targets for the fourth consecutive month, despite ongoing disruptions caused by the U.S. conflict with Iran, which has severely impacted oil flows through the Strait of Hormuz. This decision comes as the group, which includes key members like Saudi Arabia and Russia, faces a significant supply crisis. The conflict has led to a reduction in production, with OPEC+ output dropping from 42.77 million barrels per day in February to 33.19 million in April. The latest increase will see output targets rise by 188,000 barrels per day starting in July, maintaining the same level as the June hike. However, the actual impact of these increases is limited due to the continued closure of the Strait of Hormuz, a critical chokepoint for global oil shipments. 
