OPEC+ agreed on Sunday to increase oil production targets for a fourth consecutive month, pressing ahead with plans to restore supply even as disruptions in the Strait of Hormuz continue to limit exports from several producers, according to Reuters.
The alliance approved a 188,000 barrel-per-day increase in production quotas for July, matching the increase agreed for June, according to an OPEC statement, cited by Reuters.
The decision comes as the war between the United States, Israel, and Iran continues to disrupt oil flows through the Strait of Hormuz, one of the world’s most important energy shipping routes. The waterway normally handles about one-fifth of the global oil trade.
Since April, Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman have raised their combined production targets by nearly 600,000 barrels per day as part of a gradual rollback of voluntary production cuts introduced in 2023.
Oil prices have remained elevated since the U.S. and Israel attacked Iran in late February. Brent crude was trading near $93 a barrel on Friday, compared with about $72 before hostilities began.
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