Oil is sinking ... OPEC to intervene (opens original article in a new tab)

OPEC+ is set to increase oil production as prices drop following the reopening of the Strait of Hormuz, with global demand rising and producers seeking to recover revenue.

• OPEC+ plans to increase oil production with a smaller hike than previous months
• Oil prices dropped to the high seventies from over $100 due to the Strait of Hormuz reopening
• Global oil demand is rising with the driving season and increased consumption in Asia
• OPEC+ aims to recover lost revenue by adjusting production quotas while maintaining stable prices