OPEC+ Agrees to Increase Oil Production Amid Tensions in West Asia

ExpansionAdd as a preferredsource on google There is an atmosphere of great tension in West Asia. The Strait of Hormuz has been closed. In the midst of this major crisis, the group of oil exporting countries OPEC + has taken a big decision. OPEC + has in principle given its full consent to increase its crude oil production target in June. This step has been taken to control oil prices worldwide. Read Trending VideosWhat is the plan on OPEC + production? According to many reports, seven countries of OPEC + have agreed to increase oil production next month. Under this, oil production will be increased by about 1,88,000 barrels per day. However, until the Strait of Hormuz is fully opened, this increase in production will be considered only in name. Amid the geographical and political crisis, this is the third month in a row that the decision to increase oil production has been taken.