OPEC+ members approve another round of higher oil output quotas, marking the fourth increase since the closure of the Strait of Hormuz, according to OPEC and sources. The seven core members that set the group’s policy increase their production targets by 188,000 barrels per day starting in July, OPEC says in a statement. The Hindu reports that, from April to June, the group has already raised quotas by nearly 600,000 barrels per day, aligning with the current decision. The changes are part of the output quota framework used by OPEC and cooperating producers, including Russia and other allied states, to manage supply levels in global oil markets. The outlets describe the move as a scheduled adjustment to production targets rather than an immediate change in actual pumping. Overall, the reporting indicates a continued step-by-step relaxation of limits following the Hormuz disruption, with the latest quota hike taking effect from July.
OPEC+ approves fourth oil output quota increase since Hormuz disruption
OPEC+ members approve another round of higher oil output quotas, marking the fourth increase since the closure of the Strait of Hormuz, according to OPEC and sources. The seven core members that set t...
- OPEC+ members approve a fourth oil output quota increase since the closure of the Strait of Hormuz.
- The group’s seven core members raise their production targets by 188,000 barrels per day from July.
- OPEC issues a statement confirming the July increase.
- Sources say OPEC+ has increased quotas from April to June by nearly 600,000 barrels per day.
- OPEC+ includes OPEC and allied producers such as Russia.
On Sunday, the seven members decided to increase targets by 188,000 bpd from July, OPEC said in a statement.
2 months agoOn Sunday, the seven members decided to increase targets by 188,000 barrels per day from July, OPEC said in a statement.
2 months agoSeven core members of OPEC+, which groups OPEC and allied producers including Russia, have increased their output quotas from April to June by almost 600,000 barrels per day
2 months ago
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