The rise is largely symbolic as some key members are unable to raise \u200bproduction amid the US-Israel war on Iran.<\/em><\/p>\n<\/div>\n <\/a><\/div>\n<\/div>\n Published On 5 Apr 2026<\/span>5 Apr 2026<\/span><\/p>\n<\/div>\n<\/div>\n The Organization of the Petroleum Exporting Countries (OPEC) has agreed to increase oil output quotas by 206,000 barrels per day for May, a rise that is largely symbolic as some of its key members are unable to raise production due to the US-Israeli war on Iran<\/a>.<\/p>\n The war has effectively blocked the Strait of Hormuz \u2013 the world\u2019s most important oil route \u2013 since the end of \u2060February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq.<\/p>\n list of 3 items<\/span>end of list<\/span><\/section>\n In a statement on Sunday, eight members of OPEC+, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed to increase May quotas during a virtual meeting.<\/p>\n \u201cThe countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability,\u201d the statement read.<\/p>\n \u201cThe eight countries also expressed concern regarding attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is both costly and takes a long time, thereby affecting overall supply availability,\u201d it added.<\/p>\n While the quota increase represents less than two percent of the supply disrupted by the closure of the strait, OPEC+ sources told the Reuters news agency that the pledge had signalled readiness to raise output once the waterway reopens.<\/p>\n Crude prices have surged to a four-year high amid the war, close to $120 a barrel, leading to higher prices for transport fuels.<\/p>\n On Thursday, JPMorgan said oil prices could spike above $150, an all-time high, if oil flows through the Strait of Hormuz remain disrupted into mid-May.<\/p>\n May\u2019s increase is the same as the eight members had agreed on for April at their last meeting on March 1. But amid the war, oil supply disruption on record is estimated to have removed as much as 12 to 15 million bpd or up to 15 percent of global supply.<\/p>\n \u00a0<\/p>\n With the strait still closed, Iran has allowed some countries in the region to use the waterway.<\/p>\n Iran has said Iraq was exempt<\/a> from any transit restrictions through the strait, with shipping data on Sunday showing a tanker loaded with Iraqi crude passing through the waterway.<\/p>\n Oman\u2019s Foreign Ministry<\/a> announced on Sunday that deputy foreign minister-level talks were being held with Iran to discuss \u2060\u2060options to ensure the smooth transit of vessels through the Strait \u200c\u200cof Hormuz.<\/p>\nRecommended Stories <\/h2>\n
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