OPEC+ said that seven of its key members agreed to raise oil production by 188,000 barrels per day (bpd) in September as part of ongoing efforts to support market stability

Saudi Arabia’s oil exports are becoming increasingly dependent on the Suez Canal as attacks in the Red Sea threaten a key alternative to the blocked Strait of Hormuz

OPEC+ oil-producing countries will likely agree a further hike in ‌output targets from September, even though the Iran war is again hindering some of its members from pumping more

The International Energy Agency (IEA) said it is closely monitoring oil markets as rising tensions in the Middle East fuel concerns over energy supply security

OPEC+ oil-producing ​countries will likely agree on a further hike in their output targets from August when they ‌meet on Sunday, adding to supply at a time of falling prices as the Strait of Hormuz gradually reopens

OPEC crude oil production fell in May to its lowest level in at least 37 years, as the U.S. blockade on Iran and ongoing disruptions in the Persian Gulf continued to constrain output

OPEC expects robust oil demand growth and ​is not changing its estimates, ‌Secretary General Haitham Al Ghais said, despite the ​Middle East conflict and closure of ⁠the Strait of Hormuz

Another quota increase would show the group is approaching business as usual ​despite the disruption caused by the Strait of Hormuz closure and the unexpected exit in ​May of the United Arab Emirates

Seven leading OPEC+ oil-producing countries ‌will likely agree to a modest hike to July output when they meet on June 7, four sources said, though delivery for several remains disrupted by the Iran war

A survey found that crude output from the 12 members of the Organization of the Petroleum Exporting Countries fell by 830,000 barrels per day (bpd) in April from the previous month to 20.04 million bpd