“Opec+ set to increase oil output targets again Opec+ is set to agree on Sunday a fourth increase in oil output targets in as many months, three sources from the oil cartel told Reuters, even though the war on Iran is still preventing several 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, Reuters reported. The United Arab Emirates recently left the oil cartel after 60 years, deepening the crisis within it. 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.
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