Oil cartel OPEC+ agrees on 4th output hike since Hormuz closure

OPEC+ members have agreed to increase oil output targets by 1,88,000 barrels per day from July, marking the cartel's fourth increase since the closure of the Strait of Hormuz. The group raised its output quotas by nearly 6,00,000 bpd between April and June. The increase comes despite the strait's closure preventing many members from producing more oil.