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    <title>Aaj TV English News - Business &amp; Economy</title>
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    <language>en-Us</language>
    <copyright>Copyright 2026</copyright>
    <pubDate>Sun, 07 Jun 2026 18:52:21 +0500</pubDate>
    <lastBuildDate>Sun, 07 Jun 2026 18:52:21 +0500</lastBuildDate>
    <ttl>60</ttl>
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      <title>OPEC+ set for fourth oil quota hike since Hormuz closure, sources say</title>
      <link>https://english.aaj.tv/news/330459983/opec-set-for-fourth-oil-quota-hike-since-hormuz-closure-sources-say</link>
      <description>&lt;p&gt;&lt;strong&gt;OPEC+ is set to agree on Sunday on a fourth increase in oil output targets in as many months, three OPEC+ sources said, even though the US war with &lt;a rel="noopener noreferrer" target="_blank" class="link--external" href="https://www.reuters.com/world/iran/"&gt;Iran&lt;/a&gt; is still preventing several of ​the group’s members from pumping more.&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The war has cut oil flows via the Strait ​of Hormuz, creating the world’s biggest ever supply crisis as key OPEC+ members ⁠, including Saudi Arabia, have been unable to supply customers in full since the end of ​February.&lt;/p&gt;
&lt;p&gt;The crisis for OPEC+ deepened when the United Arab Emirates left the Organisation of the ​Petroleum Exporting Countries after almost 60 years.&lt;/p&gt;
&lt;p&gt;Seven core members of OPEC+, which groups OPEC and allied producers including Russia, have increased their output quotas from April to June by almost 600,000 barrels per day.&lt;/p&gt;
&lt;p&gt;In reality, the ​group’s production has collapsed due to export cuts by Gulf members, averaging 33.19 million bpd ​in April versus 42.77 million in February, according to OPEC figures.&lt;/p&gt;
&lt;p&gt;On Sunday, the seven members will likely increase ‌targets by ⁠about 188,000 bpd from July, the sources said.&lt;/p&gt;
&lt;p&gt;This is the same as the June hike, which was adjusted down from monthly increases of 206,000 bpd in May and April to take into account the UAE exit.&lt;/p&gt;
&lt;p&gt;All the sources spoke on condition of anonymity and said a ​final decision had not ​been made.&lt;/p&gt;
&lt;p&gt;OPEC and OPEC+ ⁠, between them, are due to hold four meetings on Sunday, of which the first is of a panel called the Joint Ministerial Monitoring ​Committee scheduled to start at 1230 GMT, two sources said.&lt;/p&gt;
&lt;p&gt;Seven of ​21 OPEC+ ⁠members due to meet later on Sunday are Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman.&lt;/p&gt;
&lt;p&gt;In recent years, only the seven plus the UAE when it was a member have been ⁠involved in ​the group’s output policy decisions.&lt;/p&gt;
&lt;p&gt;A full OPEC+ ministerial meeting ​is also scheduled for Sunday, but is not expected to make any changes to group-wide output policy, the sources said.&lt;/p&gt;
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      <content:encoded xmlns="http://purl.org/rss/1.0/modules/content/"><![CDATA[<p><strong>OPEC+ is set to agree on Sunday on a fourth increase in oil output targets in as many months, three OPEC+ sources said, even though the US war with <a rel="noopener noreferrer" target="_blank" class="link--external" href="https://www.reuters.com/world/iran/">Iran</a> is still preventing several of ​the group’s members from pumping more.</strong></p>
<p>The war has cut oil flows via the Strait ​of Hormuz, creating the world’s biggest ever supply crisis as key OPEC+ members ⁠, including Saudi Arabia, have been unable to supply customers in full since the end of ​February.</p>
<p>The crisis for OPEC+ deepened when the United Arab Emirates left the Organisation of the ​Petroleum Exporting Countries after almost 60 years.</p>
<p>Seven core members of OPEC+, which groups OPEC and allied producers including Russia, have increased their output quotas from April to June by almost 600,000 barrels per day.</p>
<p>In reality, the ​group’s production has collapsed due to export cuts by Gulf members, averaging 33.19 million bpd ​in April versus 42.77 million in February, according to OPEC figures.</p>
<p>On Sunday, the seven members will likely increase ‌targets by ⁠about 188,000 bpd from July, the sources said.</p>
<p>This is the same as the June hike, which was adjusted down from monthly increases of 206,000 bpd in May and April to take into account the UAE exit.</p>
<p>All the sources spoke on condition of anonymity and said a ​final decision had not ​been made.</p>
<p>OPEC and OPEC+ ⁠, between them, are due to hold four meetings on Sunday, of which the first is of a panel called the Joint Ministerial Monitoring ​Committee scheduled to start at 1230 GMT, two sources said.</p>
<p>Seven of ​21 OPEC+ ⁠members due to meet later on Sunday are Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman.</p>
<p>In recent years, only the seven plus the UAE when it was a member have been ⁠involved in ​the group’s output policy decisions.</p>
<p>A full OPEC+ ministerial meeting ​is also scheduled for Sunday, but is not expected to make any changes to group-wide output policy, the sources said.</p>
]]></content:encoded>
      <category>Business &amp; Economy</category>
      <guid>https://english.aaj.tv/news/330459983</guid>
      <pubDate>Sun, 07 Jun 2026 16:24:36 +0500</pubDate>
      <author>none@none.com (Reuters)</author>
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        <media:title>A view shows the logo of the Organisation of the Petroleum Exporting Countries outside its headquarters in Vienna, Austria. -- Reuters</media:title>
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