Quartz·1 min read·medium
OPEC+ is raising oil output for a fifth straight month as Hormuz shipping recovers
✦AI Summary
OPEC+ members have agreed to increase oil production by 188,000 barrels per day starting in August. This move continues the gradual reversal of production cuts implemented in 2023 as shipping conditions in the Strait of Hormuz improve.
Seven core members agreed Sunday to add 188,000 barrels per day in August, continuing a gradual unwinding of 2023 production cuts
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