Opec+ has agreed on a modest oil output hike for June, an increase that will remain largely on paper as long as the US-Israeli war on Iran continues to disrupt Gulf oil supplies through the Strait of Hormuz.
Seven Opec+ countries will raise oil output targets by 188,000 barrels per day in June, the third consecutive monthly increase, Opec+ said in a statement after an online meeting. The increase is the same as that agreed for May minus the share of the United Arab Emirates (UAE), which left the group on May 1.
The move is designed to show the group is ready to raise supplies once the war stops and signals that Opec+ is pressing on with a business-as-usual approach despite the departure of the UAE from Opec+, sources associated with the alliance and analysts said.
Read more here.
