OPEC oil output in May plummeted to its lowest in over two decades, dropping by 1.06 million barrels per day. This significant decline was primarily driven by a U.S. naval blockade impacting Iran's exports, making it impossible for OPEC+ members to meet their planned production increases.

Analyst says the increase means little as long as the strait remains closed

OPEC+ announces fourth oil output increase amid supply crisis caused by war and Strait of Hormuz closure.