Environment and Energy
OPEC+ Set For Fourth Oil Quota Hike Since Hormuz Closure
OPEC+ is set to agree on Sunday a fourth increase in oil output targets in as many months, according to three OPEC+ sources. The war between the U.S. and Iran has cut oil flows via the Strait of Hormuz, creating the world's biggest ever supply crisis. Seven core members will likely increase targets by about 188,000 bpd from July, the same as the June hike, adjusted down from 206,000 bpd in May and April to account for the UAE's exit from OPEC.
