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Opec+ agreed on Sunday on a fourth increase in its oil output targets in as many months, even though the US war with Iran is still preventing 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+ deepened when the United Arab Emirates left the Organisation 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.
