Source: Since the closure of the Hormuz Strait, OPEC+ is about to raise oil production quotas for the fourth time.

Three OPEC+ sources revealed that despite the ongoing US-Iran conflict leading to several member countries being unable to increase crude oil production, OPEC+ will reach a resolution this Sunday to raise its crude oil production target for the fourth consecutive month. The sources indicated that the seven member countries mentioned above are expected to finalize the plan this Sunday to raise the production target by approximately 188,000 barrels per day starting from July. This increase is consistent with the one in June; the previous monthly increases in April and May were 206,000 barrels per day, but were subsequently reduced to the current level due to the UAE's withdrawal. All sources interviewed requested anonymity and stated that the final resolution has not yet been officially confirmed.