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OPEC+ towards increasing oil production, but US-Iran conflict keeps markets under pressure
2026-05-03 14:26:47 / BOTA
OPEC+, which brings together some of the oil-producing countries, is expected to approve a modest increase in oil production, but according to experts, this will not have a major impact as long as the US-Iran war continues to disrupt supplies from the Persian Gulf.
Seven OPEC+ countries have agreed to raise production targets by about 188,000 barrels per day for June, the third consecutive monthly increase, according to sources and a draft statement from the organization.
The move is intended to show that the group is ready to increase supplies once the war ends. The countries are also pressing ahead with plans to increase production despite the United Arab Emirates' withdrawal from the group this week.
The seven members participating in Sunday's decision-making are Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia and Oman.
With the Emirates' departure, OPEC+ includes 21 members, including Iran, but in recent years only these seven countries and the Emirates have participated in monthly production decisions.
The war with Iran, which began on February 28, and the closure of the Strait of Hormuz have limited exports from Saudi Arabia, Iraq, Kuwait and the Emirates.
Before the conflict, these producers were the only ones in the group who could increase production.
The production increase will remain symbolic until traffic in the Strait of Hormuz reopens, and even then it could take weeks or months for flows to normalize, according to industry executives and global oil traders.
The disruptions have pushed oil prices to their highest level in four years, above $125 per barrel, while analysts warn of jet fuel shortages within 1-2 months and rising global inflation.
Total oil production by OPEC+ members averaged 35.06 million barrels per day in March, down 7.70 million barrels from February, according to OPEC's latest report, with Iraq and Saudi Arabia making the biggest cuts due to export restrictions.
The seven OPEC+ countries will meet again on June 7, according to the statement.
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