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OPEC+ set for another oil output quota hike despite Hormuz closure: Report
The increase would be largely symbolic while the Strait of Hormuz remains closed, with oil prices already above $125 a barrel, sources said.
- On Sunday, seven OPEC members agreed in principle to raise June output targets by about 188,000 barrels per day, comprising Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman.
- Following the United Arab Emirates exit on May 1, OPEC now consists of 21 members, though only these seven countries have actively participated in monthly production decisions in recent years.
- Crude oil output averaged 35.06 million barrels per day in March, down 7.70 million from February, as the conflict involving Iran closed the Strait of Hormuz and constrained Gulf exports.
- Oil executives and traders state the planned output hike will remain symbolic until shipping through the Strait reopens, as normalizing flows will take several weeks or months.
- Analysts report prices surged above $125 per barrel, predicting widespread jet fuel shortages within one to two months, raising inflation risks for import-dependent economies.
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Opec+ agrees in principle on small oil output quota hike, sources say
The output hike is largely symbolic for now, with most shipping through the Strait of Hormuz halted by the US-Israeli war on Iran, which is causing far more disruption to the producer group's output
·Dubai, United Arab Emirates (the)
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Coverage Details
Total News Sources21
Leaning Left5Leaning Right3Center2Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 20%
R 30%
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