AMID the ongoing West Asia conflict, OPEC+ countries have agreed in principle to raise oil output targets in June. Multiple reports say that seven OPEC+ countries have agreed to raise oil output targets by about 1,88,000 barrels per day next month. The output hike would rather be largely symbolic until Strait of Hormuz reopens.

 

This will be the third consecutive monthly increase amid the geopolitical crisis and the departure of the UAE from the group. With the UAE leaving, OPEC+ includes 21 members, including Iran. However, only the seven nations (and the UAE) have been involved in monthly production decisions. Iran, also an OPEC+ member, has seen its own exports dwindle amid the blockade.