OPEC+ Set for Fourth Oil Quota Hike Amid Ongoing Supply Crisis

AI Summary

OPEC+ is expected to agree on a fourth increase in oil output targets, up by about 188,000 barrels per day, while the U.S. war with Iran continues to affect several members' production capabilities. Since February, average output has dropped significantly from 42.77 million bpd to 33.19 million bpd in April. Key members including Saudi Arabia and Iraq will participate in discussions to set these new quotas. Despite the anticipated increase, the group's actual production remains constrained due to conflicts and the recent exit of the UAE from the organization.