OfficialShipping, energy & marketsBackgroundVienna, Austria (OPEC+ video meeting)
OPEC+ raises July output quotas by 188,000 barrels a day while Hormuz stays shut
- Mountain Time
- Local time
- 4:20 PM in Vienna
- Where
- Vienna, Austria (OPEC+ video meeting)
Ministers from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman agreed at a video meeting to raise production quotas by 188,000 barrels a day in July, saying the move aimed to support market stability.
Why it matters
A Rystad Energy analyst said the increase meant little while the Strait of Hormuz remained closed, because the market was short of barrels that could physically move.
Source
- Al Jazeera live blogaljazeera.comPublished
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