oil output

OPEC+ Agrees Symbolic Oil Output Increase Amid Hormuz Strait Closure

Seven major OPEC+ producers have agreed to raise their production quotas by 188,000 barrels per day in June, a largely symbolic move as the U.S.-Israel war with Iran disrupts supplies through the Strait of Hormuz. The decision aims to show the group's readiness to increase supply once the war ends, while signaling business as usual despite the UAE's withdrawal. The supply disruption has pushed oil prices above $125 per barrel.