OPEC Boosts Oil Production While the Only Exit Route Is Literally Blocked
OPEC is back with another masterclass in doing absolutely nothing. They just agreed to pump more oil while the main global shipping gate remains firmly welded shut. It’s peak corporate performance, and honestly, we are in awe of the sheer audacity.
The cartel known as OPEC, alongside its buddies like Russia and Saudi Arabia, just rubber-stamped a daily production hike of 188,000 barrels for July. This marks the fourth straight month of these ghost increases, ostensibly to "support market stability" and let member states "accelerate compensation."
There is just one tiny, microscopic detail. The Strait of Hormuz, which usually handles a fifth of all global oil shipments, is completely closed. Iran locked it down to spite the war launched by the United States and Israel back in February, meaning there is physically no way to move this newly minted crude.
While Donald Trump's administration tries to broker a fragile ceasefire, other cartel members are already panicking. The United Arab Emirates actually quit the club in May and is frantically trying to build a secondary pipeline to bypass the choke point entirely.
It is a beautiful performance of bureaucratic theater. Shipping lanes are blocked by naval warfare, but the spreadsheets must show growth, proving that in the modern economy, looking busy is far more important than actually delivering the goods.
Source: OPEC
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