OPEC+ approves oil output hike it cannot deliver as Iran war stalls production

OPEC+ has agreed to raise oil production quotas for May, but the decision is largely theoretical: the US-Israeli war with Iran has paralysed output among key…

Why it matters: A formal OPEC+ quota hike that cannot be physically delivered by Iran-affected members functions as a paper supply increase. Markets pricing a bearish supply response to the headline announcement…