OPEC+ has reached an agreement in principle to raise its oil production quotas by 206,000 barrels per day. This decision comes amid the backdrop of the Iran war, which has severely impacted global oil supply routes and contributed to rising crude prices, with India experiencing a four-year high. While OPEC+ expresses concern over the vulnerabilities of energy infrastructure, discussions are ongoing about a symbolic output increase that will be largely contingent on resolving conflicts in the Middle East. Despite the complexities, OPEC+ aims to boost oil output when the Strait of Hormuz reopens, although the actual increase may remain largely symbolic given the current market constraints.