OPEC+ agrees in principle on theoretical oil output hike amid Iran war
OPEC+ has agreed in principle to raise its oil output quotas by 206,000 barrels per day for May, three sources with knowledge of the group’s talks said ahead of its meeting later on Sunday.
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.
Sunday’s OPEC+ talks are set to start at around 1300 GMT with a gathering of ministers called the Joint Ministerial Monitoring Committee, which does not decide on output policy.
