Business
OPEC, Allies Pledge Oil-Output Hike Even as Middle East War Chokes Exports
OPEC and its allies agreed to raise oil output again in a move widely seen as symbolic as the war in the Middle East has choked off a critical waterway through which a fifth of the world’s oil passes.
Seven members of the Organization of the Petroleum Exporting Countries and the broader group called OPEC+ agreed to raise production by about 188,000 barrels a day in July, a fourth consecutive monthly increase, the group said in a statement following a virtual meeting Sunday. The OPEC+ members who agreed to the hike include Saudi Arabia—the cartel’s de-facto leader—along with Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
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