Opec+ set to increase oil output targets again

Opec+ is set to agree on a fourth increase in oil output targets in four months despite disruptions caused by the war on Iran, which has hindered supply through the Strait of Hormuz. The United Arab Emirates recently left the oil cartel after 60 years, deepening the crisis, while seven core Opec+ members increased their output quotas by nearly 600,000 barrels per day from April to June.