Global Economy
OPEC+ Approves Third Consecutive Production Hike Amid Strait of Hormuz Tensions
OPEC+ has consented to raise its output by roughly 188,000 barrels per day in June, marking the third straight monthly increase since the United States and Israel launched a conflict on February 28. The boost, drawn from seven member nations including Saudi Arabia, Iraq, Algeria and Russia, remains largely symbolic as long as the Strait of Hormuz stays blocked. Analysts say the move signals the group’s willingness to flood the market once hostilities cease, even as the UAE prepares to exit the alliance.
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OPEC+ Approves Third Consecutive Production Hike Amid Strait of Hormuz Tensions
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced on Sunday an agreement to raise output by approximately 188,000 barrels per day (bpd) in June. This marks the third straight monthly increase since the United States and Israel launched a conflict on February 28.
The incremental rise comes from seven member nations – Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia and Oman – but remains largely theoretical while the Strait of Hormuz stays blocked by ongoing hostilities. Analysts say the move is a signal that OPEC+ is ready to flood the market as soon as the war ends, even as the United Arab Emirates prepares to leave the group.
Source: Reuters