VIENNA (AP) \u2014 Seven countries in the OPEC+ grouping of oil-producing countries \u2014 including Saudi Arabia and Russia \u2014 say they\u2019ve decided to 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, also including Algeria, Iraq, Kazakhstan, Kuwait and Oman, to raise production by 188,000 barrels per day comes after a virtual meeting they held on Sunday. <\/p>\n
The move is mostly symbolic because it comes as Iran blocks the Strait of Hormuz<\/a> 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. 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<\/a> to leave the OPEC oil cartel<\/a>, shaking up the 65-year-old alliance that produces some 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 OPEC\u2019s 12 member countries, 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 on June 7. <\/p>\n","protected":false},"excerpt":{"rendered":"VIENNA (AP) \u2014 Seven countries in the OPEC+ grouping of oil-producing countries \u2014 including Saudi Arabia and Russia…\n","protected":false},"author":2,"featured_media":622456,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[28,793,7590,801,1570,228242,139727,123,66067,131,210369,965],"class_list":["post-622455","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-general-news","tag-international-agreements","tag-iran","tag-iran-government","tag-iran-war","tag-oil-and-gas-industry","tag-opec","tag-persian-gulf","tag-saudi-arabia","tag-strait-of-hormuz","tag-world-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/622455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=622455"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/622455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/622456"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=622455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=622455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=622455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}