OPEC Plus Plans 188,000 bpd Production Increase as Iran Ceasefire Stalls

OPEC Plus announced a plan to increase output by 188,000 barrels per day. The decision comes while a ceasefire in Iran remains out of reach. The cartel frames the increase as a response to market strain. Officials describe the boost as largely symbolic. They note that vast amounts of the world’s oil are still stranded. The stranded oil results from the effective shutdown of the Strait of Hormuz. The strait’s closure has halted oil flows in the region. Consequently, the production hike is unlikely to alter the current supply situation.