OPEC+ hikes oil production quotas, issues warning

The OPEC+ oil cartel agreed on Sunday to again increase oil production quotas, while warning that repairing energy facilities, such as those damaged in the Middle East war, is costly and takes a long time.For the second month in a row, OPEC+ countries -- which include key oil producers Russia and Saudi Arabia, as well as several Gulf countries that have been targets of Iranian airstrikes -- agreed to raise quotas by 206,000 barrels per day (bpd) from May.