Opec+ set to increase oil output targets again
Opec+ is set to agree on Sunday on a fourth increase in oil output targets in as many months, three sources from the oil cartel told Reuters, even though the war on Iran continues to prevent several members from increasing production.
The war has disrupted oil flows through the Strait of Hormuz, creating the world's biggest supply crisis as key Opec+ members, including Saudi Arabia, have been unable to supply customers in full since the end of February, Reuters reported.
The United Arab Emirates recently left the oil cartel after 60 years, deepening the crisis.
Seven core members of Opec+, which brings together Opec and allied producers including Russia, increased their output quotas from April to June by almost 600,000 barrels per day.
