OPEC+ set to approve 4th oil output target increase Sunday
Business
OPEC and its allies (OPEC+) are set to approve a fourth straight increase in their oil output target this Sunday, hoping to ease global supply issues made worse by the ongoing U.S.-Iran conflict.
With the vital Strait of Hormuz disrupted and the U.A.E. recently leaving OPEC after nearly 60 years, countries like Saudi Arabia have found it tough to keep up with demand.
OPEC+ April output 33.19 million bpd
Even with recent quota hikes, up by almost 600,000 barrels per day from April to June, OPEC+ has actually seen production drop sharply, averaging just 33.19 million barrels a day in April (way down from February's 42.77 million).
On Sunday, seven key members including Saudi Arabia, Russia, and Kuwait are expected to approve one more boost for July.