In a move aimed at stabilizing the energy market, eight key members of the OPEC+ coalition have agreed to increase their oil production quotas by 206,000 barrels per day, effective from May. The decision was reached by influential oil producers Saudi Arabia and Russia, as well as several Gulf states that have been severely impacted by Tehran’s military actions, including the UAE and Kuwait. According to sources cited by Reuters, the quota hike represents a relatively modest 2 percent of the supply lost due to the closure of the Strait of Hormuz, but it indicates the alliance’s willingness to ramp up output once the waterway reopens.
Notably, the increase is seen as a minor addition to the global oil supply by Jorge Leon, a seasoned expert in geopolitical analysis at Rystad Energy and a former OPEC official. “In practical terms, this move will have a negligible impact on the market,” Leon stated. “When the Strait of Hormuz is closed, additional barrels from OPEC+ become largely inconsequential.”
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