VIENNA\u00a0\u2014\u00a0Seven members of the OPEC+ group of oil-producing countries \u2014 including Saudi Arabia and Russia \u2014 say they\u2019ve decided to impose a modest increase in production starting in June as part of a commitment to \u201cmarket stability.\u201d<\/p>\n
The commitment from the seven countries, including Algeria, Iraq, Kazakhstan, Kuwait and Oman, to raise production by 188,000 barrels per day comes after a virtual meeting held Sunday. <\/p>\n
The move comes as Iran blocks the Strait of Hormuz at the mouth of the Persian Gulf, where about a fifth of the world\u2019s trade in oil and natural gas typically passes, in the midst of the U.S.-Israeli war on the Islamic Republic. That has stopped much of the oil shipped from gulf producers and knocked millions of barrels a day off the global market. <\/p>\n
It also follows a decision by the United Arab Emirates to leave the OPEC oil cartel, shaking up the 65-year-old alliance that produces about 40% of the world\u2019s crude oil and exerts major influence over the price of energy around the globe.<\/p>\n
Iran is one of the Organization of the Petroleum Exporting Countries\u2019 12 members, and Russia is not \u2014 it works with the Vienna-based oil producers alliance through the OPEC+ grouping.<\/p>\n
The seven countries said they would hold monthly meetings \u201cto review market conditions, conformity, and compensation\u201d and plan to meet again June 7. <\/p>\n","protected":false},"excerpt":{"rendered":"VIENNA\u00a0\u2014\u00a0Seven members of the OPEC+ group of oil-producing countries \u2014 including Saudi Arabia and Russia \u2014 say they\u2019ve…\n","protected":false},"author":2,"featured_media":423971,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[89378,199411,114,56467,3962,149244,85,87,46,27246,25446,5839,199410,18186,1593,158171,199412,2711],"class_list":["post-423970","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-barrel","tag-boost-oil-production","tag-business","tag-commitment","tag-day","tag-hormuz","tag-il","tag-iran","tag-israel","tag-june","tag-member","tag-oil","tag-oil-producing-country","tag-production","tag-russia","tag-strait","tag-virtual-meeting","tag-world"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/423970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=423970"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/423970\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/423971"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=423970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=423970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=423970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}