OPEC+ approves fourth oil output quota hike since Hormuz closure - BNN Bloomberg
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Article Excerpt
LONDON, June 7 (Reuters) - OPEC+ agreed on Sunday a fourth increase in its oil output targets in as many months, even though the U.S. war with Iran is still preventing several of the group’s members from pumping more. The war has cut oil flows via the Strait of Hormuz, creating the world’s biggest-ever supply crisis as key OPEC+ members including Saudi Arabia have been unable to supply customers in full since the end of February. The crisis for OPEC+ deepened when the United Arab Emirates left the Organization of the Petroleum Exporting Countries after almost 60 years. Seven core members of OP…
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Jun 8, 2026
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