On Sunday, the OPEC+ oil cartel, which includes major producers like Saudi Arabia and Russia, announced an increase in oil production quotas by 206,000 barrels per day for the second month in a row. This decision comes amid ongoing conflicts in the Middle East, particularly the war involving Iran, which has damaged energy infrastructure and raised concerns about global oil supply stability. The cartel highlighted that the repair of such facilities is costly and time-consuming, potentially leading to increased market volatility. The statement emphasized the critical need to protect international maritime routes to ensure the uninterrupted flow of energy. Notably, before the conflict, about one-fifth of global oil and liquefied natural gas passed through the vital Strait of Hormuz, which has been affected by threats from Iran against tankers. The V8 group within OPEC+ also recently raised quotas, indicating a coordinated effort among member countries to manage production in light of the current geopolitical challenges.