OPEC+ countries agree modest rise in production as Iran retains chokehold on key Strait of Hormuz
Seven countries in the OPEC+ grouping of oil-producing countries - including Saudi Arabia and Russia - say they've decided to a modest increase in production starting in June as part of a commitment to "market stability."
TL;DR
- Seven OPEC+ countries will increase production starting in June.
- The increase is described as modest.
- The decision aims to ensure "market stability."
- Saudi Arabia and Russia are among the participating countries.