OPEC+ pledges 206,000 additional barrels per day once the Strait of Hormuz reopens

Eight OPEC+ nations agreed Sunday to boost oil production once the Strait of Hormuz reopens to commercial traffic, committing to an additional 206,000 barrels per day as part of increased May quotas. Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman signed on to the plan, according to a press release. []