OPEC+ plans to increase oil production once the Strait of Hormuz is open again
OPEC+ Announces Modest Oil Output Increase Amid Ongoing Conflict
On Sunday, OPEC+ decided to slightly lift its oil production quotas for May, adding 206,000 barrels per day. However, this increase is mostly symbolic, as major producers within the group are unable to boost output due to the ongoing conflict involving the U.S., Israel, and Iran. Since late February, the Strait of Hormuz—the world’s primary oil shipping channel—has remained closed, severely restricting exports from key OPEC+ nations such as Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq. These countries were previously the only ones in the alliance capable of ramping up production. As a result, crude oil prices have soared to nearly $120 per barrel, marking the highest level in four years.
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