Commodities Buzz: OPEC+ announces increase in oil production quotas

The members of the OPEC+ oil cartel announced an increase to production quotas on Sunday following US and Israeli strikes on Iran. The eight-member V8 (Voluntary Eight) group in the alliance, which includes key oil producers Saudi Arabia and Russia ? as well as several Gulf states bearing the brunt of Tehran's missile strikes ? said they had agreed a production adjustment of 206,000 barrels per day (bpd). This adjustment will be implemented in April, OPEC+ said in a statement.

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