OPEC+ has decided to further increase crude oil production quotas due to the war in Iran and the retaliations in the Middle East which continue to shake energy markets. The group, which brings together among other large producers such as Saudi Arabia and Russia, as well as several Gulf countries directly affected by Tehran’s attacks, “has decided to implement a production adjustment” equal to 206,000 barrels per day starting from May.
OPEC+ has warned that restoring energy facilities damaged in recent attacks “is expensive and time-consuming”, with possible effects on global oil supplies even in the long term. In the statement, the group also underlined “the crucial importance of protecting international maritime routes to ensure uninterrupted energy flow.” The note from the organization, which includes Saudi Arabia and Russia among others, does not address the possibility of a revision of production quotas in response to the jump in global energy prices in the context of the war between the United States, Israel and Iran and the closure of the Strait of Hormuz.