OPEC Plus announced it will increase oil production by 188,000 barrels per day as the cease-fire in Iran remains out of reach. The decision comes as the conflict in the Middle East continues to disrupt global energy flows.
The output increase is largely symbolic, according to analysts, because vast amounts of the world's oil remain stranded by the effective shutdown of the Strait of Hormuz. The vital waterway, through which a significant portion of global oil exports typically pass, has been rendered unusable by the ongoing conflict.