Opec+ approves fourth oil output quota hike since Hormuz closure

Opec+ approved a fourth oil output quota increase since the Strait of Hormuz closure, despite members like Saudi Arabia being unable to boost exports due to the US-Iran conflict. The UAE's exit from Opec and reduced Gulf exports have deepened the supply crisis, with production quotas rising by 188,000 barrels per day in July as part of unwinding a 2023 output cut.