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The cartel of influential oil-producing nations known as OPEC Plus on Sunday agreed to increase production by 188,000 barrels per day in July as the United States and Iran struggled to reach an agreement to end the war and fully reopen the Strait of Hormuz.
The move was the latest pledge in recent months by the group, the Organization of the Petroleum Exporting Countries, to step up output. In normal times, an increase by OPEC Plus countries would help push prices lower. But the effective shutdown of the strait has stranded a vast portion of the world’s daily oil supply, making the increase largely symbolic.
“The countries will continue to closely monitor and assess market conditions,” the consortium of oil-producing nations said in a statement, and noted “the importance of adopting a cautious approach.” The decision followed a meeting, conducted remotely, of the OPEC Plus countries, which include Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia.
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Lisa Friedman is a Times reporter who writes about how governments are addressing climate change and the effects of those policies on communities.
See more on: Organization of the Petroleum Exporting Countries (OPEC)
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