OPEC Commits to Boost Output Once Hormuz Reopens

OPEC on Sunday agreed to boost oil production by another 206,000 barrels daily, which will be theoretical only as production in the Middle East remains constrained by the Strait of Hormuz crisis. The move was expected, with reports saying the eight OPEC members that are managing their production stand ready to start adding barrels quickly should the situation in the Persian Gulf change. More than 20% of global oil flows normally pass through Hormuz. That flow is now constrained by the U.S.-Israeli war with Iran. Saudi Arabia, Iraq, Kuwait, and…