The OPEC+ alliance, led by Saudi Arabia and Russia, agreed to increase oil production by 206,000 barrels per day starting May 1, a largely symbolic move as the increase cannot be implemented while the war in Iran and the blockade of the Strait of Hormuz persist.
The decision was taken during a teleconference by the energy and oil ministers of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, the Organization of the Petroleum Exporting Countries (OPEC) said in a statement.
The eight countries “expressed concern over attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is costly and time-consuming, affecting overall supply availability.”
