OPEC+ agrees to hike oil output, warns of slow recovery after attacks
The rise is largely symbolic as some key members are unable to raise production amid the US-Israel war on Iran. The war has effectively blocked the Strait of Hormuz – the world’s most important oil route – since the end of February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq. While the quota increase represents less than two percent of the supply disrupted by the closure of the strait, OPEC+ sources told the Reuters news agency that the...
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