OPEC+ agrees to raise oil output amid Mideast tensions
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, announced on Sunday that they will raise oil production by 206,000 barrels per day in May, according to an official statement.
The decision followed a virtual meeting attended by Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which reviewed global market trends and forecasts, News.Az reports, citing Xinhua.
Amid the ongoing Middle East conflict, the eight OPEC+ members emphasized the vital importance of protecting international maritime routes to maintain uninterrupted energy flows.
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They also highlighted concerns over attacks on energy infrastructure, noting that such damage reduces supply availability and that restoring assets to full capacity is both costly and time-consuming.
The group is scheduled to reconvene on May 3 to consider further production decisions.
Since the U.S.-Israeli strikes on Iran beginning February 28, regional energy flows have been heavily disrupted, causing significant declines in crude oil and refined product shipments.
By Nijat Babayev
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