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OPEC+ Plans May Oil Production Boost Amid Middle East Tensions
(MENAFN) OPEC and its allies (OPEC+) announced on Sunday a plan to raise oil output by 206,000 barrels per day in May, following a virtual meeting with representatives from Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman.
The group reviewed global market conditions and emphasized the importance of protecting international maritime routes to ensure uninterrupted energy supplies amid the ongoing Middle East conflict. Officials also highlighted the high costs and time required to repair energy infrastructure damaged in attacks, which have affected overall supply.
OPEC+ is scheduled to reconvene on May 3 to assess the situation and determine further production adjustments. The group’s decision comes in the wake of significant disruptions to regional oil flows following U.S.-Israeli strikes on Iran since Feb. 28.
The group reviewed global market conditions and emphasized the importance of protecting international maritime routes to ensure uninterrupted energy supplies amid the ongoing Middle East conflict. Officials also highlighted the high costs and time required to repair energy infrastructure damaged in attacks, which have affected overall supply.
OPEC+ is scheduled to reconvene on May 3 to assess the situation and determine further production adjustments. The group’s decision comes in the wake of significant disruptions to regional oil flows following U.S.-Israeli strikes on Iran since Feb. 28.
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