OPEC+ agreed to boost output in June to reassure buyers it is conducting business as usual after a series of setbacks.
The move is largely symbolic — the extra 188,000 barrels a day is modest, and the closure of the Strait of Hormuz means little will reach its destination anyway. But the oil cartel is in turmoil, both because of disruption from the Iran war and because the United Arab Emirates, a central member, left last week citing unreasonable interference with production.
The Gulf’s economy in general has suffered since the war began; Dubai airport, the world’s busiest international hub, saw a 66% drop in traffic year-on-year last month, Bloomberg reported, as flights divert around the region over safety fears.
