The OPEC+ has agreed to increase output in June in a move aimed at reassuring markets that supply will continue despite the Israeli-US war on Iran.
The group plans to add 188,000 barrels per day, a relatively small rise that is unlikely to offset the impact of restrictions around the Strait of Hormuz, where access remains constrained.
The United Arab Emirates, a key member, exited the group last week, citing interference in its production decisions, adding to uncertainty within the bloc.
Economic effects are also spreading across the region. Dubai’s airport, one of the world’s busiest international hubs, recorded a sharp fall in passenger traffic last month as airlines rerouted flights over safety concerns, according to Bloomberg.
