# The Organisation of the Petroleum Exporting Countries has agreed to a fourth increase in its oil output targets in as many months, as the war in Iran continues to disrupt crude flows through the Strait of Hormuz. OPEC members, including Saudi Arabia, Russia, and Iraq, have agreed to raise oil production quotas by 188-thousand barrels per day in July. The group says the decision is aimed at supporting oil market stability while also allowing members to accelerate compensation cuts amid historically high oil prices.
OPEC has agreed to increase oil output amidst disruption in the Strait of Hormuz