OPEC+ raises output quotas for July
OPEC+ agreed on Sunday to raise oil production quotas by 188,000 barrels per day in July, in an attempt to ease pressure the oil markets amid disruption of shipping through the Strait of Hormuz.
Energy ministers from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman approved the increase during a video meeting, according to a statement from the group.
OPEC+ said the move was intended "to support oil market stability" while allowing members to accelerate compensation cuts amid historically elevated oil prices.







