US EditionOPEC Agrees on Another Oil Production Boost as Strait Remains Blocked
- On Sunday, eight OPEC+ nations, including Saudi Arabia and Russia, committed to increase oil production by about 206,000 barrels per day starting in May during a video conference.
- Iran's effective closure of the Strait of Hormuz caused an estimated loss of 12 million barrels per day from Persian Gulf producers, rendering this production increase largely symbolic.
- Conflict has sent Brent oil prices to around $110, while The Kuwait Petroleum Corp reported "significant material losses" from Iranian drone attacks on facilities in Kuwait, Bahrain, and the United Arab Emirates.
- Russian Deputy Prime Minister Alexander Novak stated they are monitoring the situation to balance the market, while OPEC+ sources indicated the quota hike signals readiness to raise output once the waterway reopens.
- The Joint Ministerial Monitoring Committee will next meet on June 7, 2026, to assess conditions, as experts warn that restoring damaged energy assets to full capacity will be costly and time-consuming.
15 Articles
15 Articles
The Organization of the Petroleum Exporting Countries (OPEC) has agreed to slightly increase production. However, Reuters news agency points out that for now, the agreement remains only on paper, as key countries in the oil cartel cannot actually increase production due to the closure of the Strait of Hormuz.
The Iran war has driven crude oil prices to the highest level in years. The organization of oil-exporting countries wants to increase the barrel volume. However, as long as the Strait of Hormus is closed, this could be a drop on the hot rock.
The blockage of a strategic strait forced OPEC to change its plans for the second time. OPEC+ countries have decided to increase oil production again in order to stabilize the global market amid the war in the Middle East and the blockage of logistics routes. This was reported by RBC-Ukraine, citing Deutsche Welle. Read also: Five EU countries propose introducing a new tax due to the fuel price spike Quota decision details According to the publi…
As energy markets continue to be in turmoil over the war in Iran and Tehran's retaliatory strikes across the Middle East, the grouping of the Organization of the Petroleum Exporting Countries (OPEC) and its allies - known as OPEC+ - agreed on Sunday to raise oil production quotas again.
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