US EditionOPEC+ set for another oil output quota hike despite Hormuz closure: Report
The move is largely symbolic while the Strait of Hormuz blockade keeps most extra barrels from reaching the market, analysts 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.
112 Articles
112 Articles
A symbolic movement in the midst of Ormuz’s marasm, a narrow key to world energy, and which these days celebrates its second month of closure by the grace of Donald Trump. The expanded version of the Organization of Petroleum Exporting Countries (known as OPEC+) has announced this Sunday an increase of 188,000 barrels per day in its crude oil production starting in June. It is the third consecutive occasion that the cartel chooses to raise its p…
The OPEC+ alliance announced a further increase in its crude oil production starting in June 2026, in a context marked by geopolitical tensions and restrictions in global energy trade.After a telematic meeting held days after the departure of the United Arab Emirates from the bloc, Saudi Arabia, Iraq, Kuwait and Algeria — OPEC members — together with Russia, Oman and Kazakhstan, they reported that they will raise pumping by 188,000 barrels per d…
Seven oil-producing countries will produce an additional 188,000 barrels daily starting in June. They announced this on Sunday following joint consultations in a…
The surprising withdrawal of the United Arab Emirates from the oil cartel has led to movement on the energy market. Only a few days after the shock, the OPEC+ has reacted and decided to increase its production volume. As the organization announced on Sunday, Saudi Arabia, Russia and five other Member States will produce an additional 188,000 barrels of oil daily in June. The decision follows immediately the withdrawal of the Emirates, which beca…
Important producing countries want to continue turning up the oil tap - but now they are only too seventh. More important than their recent decision, however, are the problems at the Strait of Hormus.
Coverage Details
Bias Distribution
- 39% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
