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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.
The move is mostly symbolic because it comes as Iran blocks the
Strait of Hormuz at the mouth of the Persian Gulf, where about a
fifth of the world’s 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.
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 some 40% of the world’s crude oil and exerts major
influence over the price of energy around the globe.
Iran is one of OPEC's 12 member countries, and Russia is not —
it works with the Vienna-based oil producers alliance through
the OPEC+ grouping.
The seven countries said they would hold monthly meetings “to
review market conditions, conformity, and compensation” and plan
to meet again on June 7.
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