OPEC+ set for another oil output quota hike despite Hormuz closure, sources say - Reuters

<a href="https://news.google.com/rss/articles/CBMiwwFBVV95cUxOVWtaSThlNlVxYjNBMGo2VVlIZzh6TjNOVFFMVnZTOHNCREtwS1RvX3NQcmxlQk13QUdsNWxQZkdYVFFPY1pibmZ5VHdQbVBNNmFfNkxMdHVkQ1lYd1dLcU00cmJMaERwRkM5Q1owLUJoQ0wwT2NDTmZTZ3J1eUpNS1FBMG54cXN2cXJzNGUtN3JoWlZDRlFUeUtVY1MtTkY1bUtGTV80dHROXzc3aElrcUNsUm5uMTVuaEJyRm5WeHEycUU?oc=5" target="_blank">OPEC+ set for another oil output quota hike despite Hormuz closure, sources say</a>&nbsp;&nbsp;<font color="#6f6f6f">Reuters</font>

Seven OPEC+ countries have agreed to raise oil output targets by about 188,000 barrels per day in June, despite the UAE's departure and ongoing disruptions in the Strait of Hormuz due to the U.S.-Israeli war with Iran.

OPEC+ is expected to approve a modest increase in oil output quotas at its Sunday meeting, even as the U.S.-Israeli conflict with Iran has severely disrupted exports from major producers.

Opec+ agreed to raise oil output quotas by 206,000 barrels per day for May, a modest rise that will largely exist on paper as its key members are unable to raise production due to the U.S.-Israeli war with Iran.

Opec production fell by a historic 7.5 million b/d in March and is set to drop further in April. The scale of the supply shock in the Gulf exposed the lack of spare capacity outside the region, as Opec producers elsewhere struggle to keep output flat, let alone manage increases to capitalize on high prices.