OPEC+ agreed on Sunday a fourth straight hike in its oil output targets in as many months, the organization said in a statement, even though the ongoing conflict in the Middle East is still stopping several of the group's members from pumping more.
The war has cut oil flows via the Strait of Hormuz, creating the world's biggest-ever supply crisis as key OPEC+ members including Saudi Arabia have been unable to supply customers in full since the end of February.
The crisis for OPEC+, a wider group of major oil producers, deepened when the United Arab Emirates (UAE) left the Organization of the Petroleum Exporting Countries (OPEC) after almost 60 years.
Seven 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 (bpd).
In reality, the group's production has collapsed due to export cuts by Gulf members, averaging 33.19 million bpd in April compared with 42.77 million in February, according to OPEC figures.
