OPEC+ Agrees To Raise Output Even as Hormuz Shipping Security Remains Uncertain

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OPEC+ members agreed to raise their collective oil‑production quotas from August even as crude shipments through the Strait of Hormuz remain uncertain.

Seven nations led by Saudi Arabia and Russia will add 188,000 barrels per day to their August output target, OPEC said Sunday. Ministers from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman approved the adjustment during virtual talks on Sunday.