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

Source: International Business Times

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. 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.