Opec+ approves fourth oil output quota hike since Hormuz closure

Opec+ has approved a fourth increase in its oil output targets in as many months, signaling a continued effort to stabilize supply. This decision comes despite ongoing disruptions that have impacted several member nations' ability to pump at full capacity.

The group's members have faced challenges in meeting customer demand since late February, largely due to supply crises exacerbated by the US war with Iran. These issues have particularly affected flows through the Strait of Hormuz, a critical chokepoint for global oil transport.

Adding to the group's complexities, the United Arab Emirates recently departed the Organisation of the Petroleum Exporting Countries after nearly six decades. Nevertheless, seven core members of Opec+, which includes allied producers like Russia, are set to raise their output quotas by approximately 600,000 barrels per day between April and June.