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OPEC+ Debates Theoretical Oil Output Hike Amid Iran War Paralysis ...
ReutersThe Callisto tanker sits anchored in Port Sultan Qaboos as the traffic is down in the Strait of Hormuz, amid the U.S.-Israeli conflict with Iran, in Muscat, Oman, March 12, 2026. REUTERS/Benoit TessierBy Olesya Astakhova, Alex Lawler and Ahmad GhaddarMOSCOW/LONDON, April 5 (Reuters) - OPEC+ agreed on Sunday to raise its oil output quotas by 206,000 barrels per day for May, a modest rise that will largely exist on paper as its key members are unable to raise production due to the U.S.-Israeli war with Iran.The war has effectively shut the Strait of Hormuz - the world's most important oil route - since the end of February and cut exports from OPEC+ members Saudi Arabia, the UAE, Kuwait and Iraq, the only countries in the group which were able to significantly raise production even before the conflict began. Crude prices have surged to a four-year high close to $120 a barrel, translating into soaring prices for transport fuels which are pressuring consumers and businesses across the globe, and triggering government action to conserve supplies.The OPEC+ quota increase of 206,000 bpd represents less than 2% of the supply disrupted by the Hormuz closure, but it signals readiness to raise output once the waterway reopens, OPEC+ sources have said. Consultancy Energy Aspects called the increase "academic" as long as disruptions in the strait persist."In reality it adds very few barrels to the market,” said Jorge Leon, a former OPEC official who now works as head of geopolitical analysis at Rystad Energy."When the Strait of Hormuz is closed additional barrels from OPEC+ become largely irrelevant.”OPEC+ CONCERNED ABOUT ATTACKS ON ENERGY ASSETSEight members of OPEC+ agreed to the increase in May quotas at a virtual meeting on Sunday, OPEC+ said in a statement.Besides the disruptions affecting Gulf members, others such as Russia are unable to increase output - in Moscow's case due to Western sanctions and damage to infrastructure inflicted during the war with Ukraine. Inside the Gulf, damage to infrastructure from missile and drone attacks has also been severe. Several Gulf officials have said it would take months to resume normal operations and reach production targets even if the war stopped and Hormuz reopened immediately.A separate OPEC+ panel that also met on Sunday, called the Joint Ministerial Monitoring Committee, expressed concern about attacks on energy assets, saying they were expensive and time-consuming to repair and so have an imp...
OPEC+ debates making oil output hike amid Iran war paralysis
Jonathan Raa | Nurphoto | Getty ImagesOPEC+ may approve an oil output increase on Sunday, four sources from the group said, a rise that will largely exist on paper as its key members are unable to raise production due to the U.S.-Israeli war with Iran.The war has effectively shut the Strait of Hormuz — the world's most important oil route — since the end of February and cut exports from OPEC+ members Saudi Arabia, the UAE, Kuwait and Iraq, the only countries in the group which were able to significantly raise production even before the conflict began.Other group members, such as Russia, are unable to increase output due to Western sanctions and damage to infrastructure inflicted during the war with Ukraine.Inside the Gulf, damage to infrastructure from missile and drone attacks has also been severe. Several Gulf officials have said it would take months to resume normal operations and meet production targets, even if the war stopped and the Strait of Hormuz reopened immediately.At its last meeting on March 1, just as the war began to disrupt oil flows, OPEC+ agreed to a modest output boost of 206,000 barrels per day for April.A month later, the largest oil supply disruption on record is estimated to have removed 12 to 15 million barrels per day, or up to 15% of global supply.Crude prices have soared to a four-year high, settling at $120 a barrel. Oil prices could spike above $150 — an all-time high — if flows via Hormuz remain disrupted into mid-May, JPMorgan said on Thursday.On Friday, U.S. West Texas Intermediate crude futures for May jumped 11%, or $11.42, to close at $111.54 per barrel. International benchmark Brent crude rose nearly 8%, or $7.87, to close at $109.03.Sunday's meeting will discuss OPEC+ quotas for May, sources said.An increase will have little immediate impact on supply but would signal readiness to raise output once Hormuz reopens, OPEC+ sources have said. Consultancy Energy Aspects called the increase "academic" as long as disruptions in the strait persist.
OPEC+ plans symbolic oil quota hike amid war, delegates say
6 hours ago ... (Bloomberg) -- OPEC+ members plan to raise their production quotas for May, a symbolic move as the Middle East conflict constrains output and shipments from ...
OPEC+ Plans Symbolic Oil Quota Hike Amid War, Delegates Say
OPEC+ members plan to raise their production quotas for May, in a symbolic move as the Middle East conflict constrains production and shipments from several of the alliance's largest members. Key members of the group led by Saudi Arabia and Russia have an agreement in principle to increase production targets by about 206,000 barrels per day during a video conference later on Sunday, according ...
