OPEC+ considers production increase

OPEC+ countries are considering increasing oil production, but according to available information, this would be a rather symbolic step.

The reason for the limited capacity of several producers is linked to the conflict in the Middle East and the closure of the Strait of Hormuz. Before the war, the Strait accounted for around a fifth of global oil supplies.

The Iranian blockade has severely curtailed exports from the Gulf States, which could otherwise have increased production.

At the same time, Russia faces sanctions and damaged infrastructure as a result of the war in Ukraine, which also limits its options. OPEC+ negotiations will focus on quotas for May.

(tasr, mja)