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OPEC+ set for another oil output quota hike despite Hormuz closure: Report
The seven members plan a 188,000-barrel-a-day increase as war-related disruptions keep much of the move symbolic, 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+ stumbles: can 188000 barrels calm markets or trigger oil chaos
The global oil market is facing fresh uncertainty after the UAE’s shock exit from OPEC+. While the cartel has announced a modest output increase, analysts say the move is largely symbolic amid massive disruptions in the Strait of Hormuz. War-driven supply shocks have wiped out far more oil than the planned increase can replace. With Abu Dhabi now free to pump at full capacity, questions are growing about OPEC+ unity and its ability to manage pri…
·New Delhi, India
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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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Total News Sources45
Leaning Left7Leaning Right9Center10Last UpdatedBias Distribution38% Center
Bias Distribution
- 38% of the sources are Center
38% Center
L 27%
C 38%
R 35%
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