OPEC+ agrees modest output increase amid Strait of Hormuz crisis

LONDON: Eight members of OPEC+ agreed on Sunday to raise their oil output quotas by 206,000 barrels per day for May, the group said after a virtual meeting. The war has effectively shut the Strait of Hormuz — the world’s most important oil route — since the end of February and cut exports from OPEC+ members Saudi Arabia, the UAE, Kuwait and Iraq, the only countries in the group which were able to significantly raise production even before the conflict began.

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