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International Business Times

Business

Merin Rebecca Thomas

OPEC+ Raises Oil Output As Gulf Supply Disruptions Persist Amid Iran War

OPEC Oil Iran Gulf IBT the Strait of Hormuz Hormuz United States Strait of Hormuz UAE

The alliance of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman confirmed it will raise production by 188,000 barrels a day, slightly below the previous month's increase. (Credit: AFP)

OPEC+ agreed to a modest increase in oil production for June as the group continues adjusting output during a period of disrupted global supply tied to the ongoing conflict involving Iran and restricted shipping through the Strait of Hormuz, as well as de departure of the United Arab Emirates from the cartel.

The alliance of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman confirmed it will raise production by 188,000 barrels a day, slightly below the previous month's increase. The adjustment was agreed during a virtual meeting focused on global supply conditions and market stability.

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