OPEC+ to modestly boost output after Strait of Hormuz disruption
Business
OPEC and its allies (OPEC+) are planning a small bump in oil production after the U.S.-Iran conflict caused major disruptions in Gulf shipping routes.
With the Strait of Hormuz disrupted and oil prices soaring past $125 a barrel, this move is meant to show they're ready to step up if things calm down.
Seven countries seek 188,000 bpd increase
Starting in June, seven countries, including Saudi Arabia and Iraq, will try to add 188,000 barrels a day. But with shipping still tricky, actual increases might be limited.
The United Arab Emirates just left OPEC+, but the rest say they're sticking with their goals, though experts warn it could take weeks or months before exports get back to normal once the Strait reopens.