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Organization of the Petroleum Exporting Countries

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OPEC+ agrees to hike oil output, warns of slow recovery after attacks

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Oil Crisis: OPEC agrees to boost oil output, fears slow recovery after attacks

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Eight countries belonging to the Organization of Petroleum Exporting Countries (OPEC) and OPEC+, a m..

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OPEC+ to hike crude output: Will it make a difference to oil prices?

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Peak oil production

Eight OPEC+ members — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman — agreed during a virtual meeting on April 5 to raise oil output quotas by 206,000 barrels per day for May 2026.

Eight OPEC+ members — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman — agreed during a virtual meeting on April 5 to raise oil output quotas by 206,000 barrels per day for May 2026.

The production increase represents less than 2% of the supply disrupted by the closure of the Strait of Hormuz, which has been effectively blocked since late February amid the US-Israel war on Iran.

The production increase represents less than 2% of the supply disrupted by the closure of the Strait of Hormuz, which has been effectively blocked since late February amid the US-Israel war on Iran.

The International Energy Agency estimated that more than 12 million barrels of crude oil per day were suspended, representing up to 15% of global supply, as of the time of the meeting.

The International Energy Agency estimated that more than 12 million barrels of crude oil per day were suspended, representing up to 15% of global supply, as of the time of the meeting.

Crude oil prices surged to a four-year high near $120 a barrel amid the conflict, with JPMorgan warning on Thursday that prices could spike above $150 if Strait of Hormuz flows remain disrupted into mid-May.

Crude oil prices surged to a four-year high near $120 a barrel amid the conflict, with JPMorgan warning on Thursday that prices could spike above $150 if Strait of Hormuz flows remain disrupted into mid-May.

Iranian drones struck oil infrastructure in Kuwait, the UAE and Bahrain on Sunday, with the Kuwait Petroleum Corporation reporting damage and fires at its subsidiaries, further threatening regional energy supplies.

Iranian drones struck oil infrastructure in Kuwait, the UAE and Bahrain on Sunday, with the Kuwait Petroleum Corporation reporting damage and fires at its subsidiaries, further threatening regional energy supplies.

OPEC+ members stressed "the critical importance of safeguarding international maritime routes" and warned that restoring damaged energy assets to full capacity is "costly and takes a long time."

OPEC+ members stressed "the critical importance of safeguarding international maritime routes" and warned that restoring damaged energy assets to full capacity is "costly and takes a long time."

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OPEC+ Boosts Output as Oil Hits $120 Amid Hormuz Crisis

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OPEC+ Boosts Output as Oil Hits $120 Amid Hormuz Crisis

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OPEC+ Boosts Output as Oil Hits $120 Amid Hormuz Crisis

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