OPEC+ core nations raise July output quota by 188,000 bpd

A coalition of major oil-producing nations has agreed to raise its collective output target for the fourth consecutive month, a move that comes despite a severe and ongoing supply crisis caused by a conflict that has blocked a critical global shipping route. The decision was made on Sunday by a group of seven core members of the OPEC+ alliance.

The seven nations—Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman—agreed to increase their production quotas by 188,000 barrels per day starting in July. This follows a pattern of incremental hikes, though the group's actual production has fallen dramatically due to external constraints. According to the organization's own figures, its output averaged 33.19 million barrels per day in April, a sharp decline from 42.77 million in February.

The central challenge is a conflict that has severely curtailed oil shipments through the Strait of Hormuz, a vital maritime chokepoint. This disruption has created what officials have described as the world's largest-ever supply crisis, preventing key producers like Saudi Arabia from fulfilling customer orders in full since late February. The situation was further complicated by the...