OPEC+ approves fourth oil output quota hike since Hormuz closure

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OPEC+ approved its fourth increase in oil production quotas since the closure of the Strait of Hormuz. The group decided to raise output targets by 188,000 barrels per day starting in July, according to OPEC's official statement.

On Sunday, the seven members decided to increase targets by 188,000 bpd from July, OPEC said in a statement.