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Hormuz Blockade Strands One-Fifth of Global Oil Supply as OPEC+ Approves Modest July Output Increase
Major OPEC+ members agreed to raise collective production quotas by 188,000 barrels per day for July. The increase remains largely symbolic because the Strait of Hormuz is closed, preventing most Persian Gulf exports from reaching markets.
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Major OPEC+ members agreed to raise collective oil production quotas by 188,000 barrels per day for July. The decision comes while the Strait of Hormuz remains closed, stranding most Persian Gulf crude and rendering the quota increase largely symbolic.
The core OPEC+ group approved the modest monthly increase even though the waterway blockage prevents most members from shipping additional barrels. The cartel’s move to increase output by 188,000 barrels per day is largely symbolic, with vast amounts of the world’s oil stranded by the effective shutdown of the Strait of Hormuz.
With the Strait of Hormuz closed, it’s a largely symbolic decision. Still, the core OPEC+ group has agreed to another monthly oil output increase. Major OPEC+ members agreed another modest symbolic increase to their oil output quotas for July, even as a blockage of exports from the Persian Gulf prevents most of them from implementing it.
The closure has halted nearly all tanker traffic through the strait, the primary route for roughly one-fifth of global oil supply.
