OPEC+ approves fourth oil output quota hike since Hormuz closure
OPEC+ raises oil output targets as Strait of Hormuz tensions threaten supply See how the latest quota shift could shape prices, production, and market outlook
OPEC+ agreed on Sunday to raise its oil output targets for a fourth straight month, even as the conflict involving the U.S. and Iran continues to disrupt supply through the Strait of Hormuz.
The latest increase adds 188,000 barrels per day to July targets for seven core members of the group. However, actual production has remained well below potential levels because several Gulf producers have been unable to export normally since late February.
The group is still working through a gradual unwind of its 2023 production cuts. OPEC+ also kept its broader policy unchanged at a separate meeting, while continuing a review of member production capacity that will help set 2027 quota baselines.