The Organization of the Petroleum Exporting Countries (OPEC) has agreed to increase oil production next month as the Iran war threatens to drive up crude oil prices.
Key members led by Saudi Arabia and Russia will add 206,000 barrels a day, exceeding the previous monthly increment of 137,000 barrels/day.
The decision comes amid turmoil in the Middle East, with the Iran war disrupting regional oil production and threatening traffic through the critical Strait of Hormuz.
Crude oil prices have risen to a seven-month high of $73 a barrel in London, driven by concerns over output disruptions and a military build-up in the region.
However, some analysts question whether OPEC and its allies can physically add more crude oil, given their limited spare production capacity.
