OPEC+ members meet to discuss raising oil production quotas as war with Iran disrupts markets and closes the Strait of Hormuz
VIENNA: Key members of the OPEC+ oil cartel will meet to discuss production quotas for next month.
The meeting comes as the US-Israeli war against Iran continues to unsettle global oil markets.
The eight-strong V8 group within the alliance will decide whether to increase output as prices rise.
This group includes top producers Saudi Arabia and Russia, as well as several Gulf states impacted by Iran’s retaliatory airstrikes.
Last month, the alliance announced a higher-than-expected production quota increase of 206,000 barrels per day.
The ongoing conflict has severely disrupted a major global shipping route.
Since the war started, Iran has virtually closed off the crucial Strait of Hormuz.
Before the conflict, about a fifth of global oil and liquefied natural gas passed through this strait.
