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OfficialShipping, energy & marketsBackgroundVienna, Austria

Eight OPEC+ producers agree 206,000-barrel May increase that Hormuz closure strands

Mountain Time
Local time
6:00 PM in Vienna
Where
Vienna, Austria

Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman said they would raise output quotas by 206,000 barrels a day from May, warning that restoring energy assets damaged by attacks is "costly and takes a long time." AP noted the increase remains largely on paper against an estimated 12 million barrels a day lost to the Hormuz closure.

Why it matters

Several signatories cannot ship extra oil while Hormuz is shut, so the move signaled readiness to raise output later rather than new supply now.

Sources (3)

  • Al Jazeeraaljazeera.comPublished
  • Associated Pressapnews.comPublished
  • CBS Newscbsnews.comPublished

Confidence: Stated by a named government, military, or institution. Not independently confirmed. About confidence labels