InternationalNewsAPI
OPEC+ countries agree modest rise in production as Iran retains chokehold on key Strait of Hormuz - AP News
Overview
Seven OPEC+ members, including Saudi Arabia and Russia, agreed to a modest increase in oil production starting in June as part of a pledge to support market stability. The move comes amid continued disruptions tied to Iran's restrictions on the Strait of Hormuz, which have tightened physical flows and kept prices elevated. Market participants view the increase as limited and likely insufficient on its own to fully offset maritime supply risks and recent reserve-release discussions by consuming nations.
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