US EditionOPEC+ set for another oil output quota hike despite Hormuz closure: Report
Seven members will add 188,000 barrels a day in June, a largely symbolic move as Gulf supplies remain constrained by the Strait of Hormuz.
- 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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196 Articles
OPEC+ Countries Agree Modest Rise in Production As Iran Retains Chokehold on Key Strait of Hormuz
VIENNA (AP) — Seven countries in the OPEC+ grouping of oil-producing countries — including Saudi Arabia and Russia — say they’ve decided to a modest increase in production starting in June as part of a commitment to “market stability.” The commitment from the seven countries, also including Algeria, Iraq, Kazakhstan, Kuwait and Oman, to raise... The post OPEC+ Countries Agree Modest Rise in Production As Iran Retains Chokehold on Key Strait of H…
OPEC+ agrees on third oil output quota hike since Hormuz closure
OPEC+ agreed on Sunday a modest oil output hike for June, an increase that will remain largely on paper as long as the Iran war continues to disrupt Gulf oil supplies through the Strait of Hormuz.
Japan Today
Manila BulletinOPEC+ countries agree on modest rise in production as Iran retains chokehold on key Strait of Hormuz
Seven countries in the OPEC+ grouping of oil-producing countries — including Saudi Arabia and Russia — say they've decided to a modest increase in production starting in June…
OPEC+ announces modest boost in oil production. But here’s why it’s a mostly symbolic move.
In a largely symbolic move, the OPEC+ nations announced Sunday that they would slightly increase crude production in June, as the war with Iran continues to stifle the world’s supply of oil.
OPEC Members Plan Modest Rise in Output
OPEC Plus announced Sunday it will institute a small bump in oil production next month, even as the group adjusts to the sudden loss of a key member. The alliance said output will be raised in June by 188,000 barrels per day, a limited increase aimed at underscoring that...
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