Apr. 5 at 8:03 PM
OPEC+ oil-producing countries agreed to raise output quotas again as energy prices surge amid escalating tensions in the Middle East. The group—led by major producers like Saudi Arabia, Russia, and Gulf nations—will implement a production increase of 206,000 barrels per day starting in May, following a similar move for April.
The adjustment will come from eight members: Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman. Despite the increase, markets remain volatile, with oil prices recently hitting their highest level in over a year.
The alliance warned that repairing energy infrastructure damaged by recent attacks will be costly and time-consuming, potentially constraining future supply. Iranian strikes on production facilities and disruptions in the Strait of Hormuz have already affected crude exports from the Gulf. Producers also stressed the critical importance of safeguarding maritime routes to ensure uninterrupted energy flows.
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