OPEC+ agrees to hike oil output, warns of slow recovery after attacks
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OPEC+ members, including Saudi Arabia and Russia, agreed to a largely symbolic oil output quota increase of 206,000 barrels per day for May. This decision comes as the US-Israeli war on Iran has disrupted oil exports from key members by blocking the Strait of Hormuz since late February. The group expressed concern about attacks on energy infrastructure and the costly, lengthy process of restoring damaged assets. While the quota increase is small compared to the supply disruption, it signals a readiness to raise output once the Strait reopens. Crude oil prices have surged due to the war, and analysts predict further spikes if the Strait remains closed into mid-May. Iran has allowed some countries in the region to use the waterway.
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AI-ExtractedCrude prices have surged to a four-year high amid the war, close to $120 a barrel.
OPEC+ agreed to increase oil output quotas by 206,000 barrels per day for May.
The war has effectively blocked the Strait of Hormuz since the end of February.
Oil supply disruption is estimated to have removed as much as 12 to 15 million bpd.
Oil prices could spike above $150 if oil flows through the Strait of Hormuz remain disrupted into mid-May.
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