OPEC+ members are expected to agree on a modest production increase on Sunday, but it will remain largely formal as long as the war between the United States and Iran continues to disrupt supplies from the Persian Gulf, Reuters reports.<\/p>\n
According to sources, seven OPEC+ countries have agreed to raise output targets by around 188,000 barrels per day in June. This would mark the third consecutive monthly increase, as also confirmed by a draft OPEC+ statement.<\/p>\n
The move is intended to demonstrate the group\u2019s readiness to boost supply once the war ends. At the same time, the alliance continues to pursue plans to increase production despite the United Arab Emirates\u2019 exit from the group earlier this week.<\/p>\n
The talks involve Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman. Following the UAE\u2019s departure, OPEC+ now includes 21 countries, including Iran, although in recent years these seven states, together with the UAE, have made key monthly production decisions.<\/p>\n
The war with Iran and the closure of the Strait of Hormuz have significantly limited oil exports from Saudi Arabia, Iraq, Kuwait, and the UAE. Before the conflict, these countries were the only ones in the alliance capable of increasing output.<\/p>\n
According to oil executives from the Gulf region and international traders, the production increase will remain largely symbolic until shipping through the Strait of Hormuz resumes. Even after that, it could take weeks or months for supplies to normalize.<\/p>\n
Supply disruptions have already pushed oil prices to a four-year high of over $125 per barrel. Analysts also warn of a possible aviation fuel shortage within one to two months and rising global inflation.<\/p>\n
According to OPEC\u2019s report last month, total oil production by all member countries averaged 35.06 million barrels per day in March\u20147.70 million barrels less than in February. The largest declines were recorded in Iraq and Saudi Arabia due to restricted exports.<\/p>\n
The next meeting of the seven OPEC+ countries is scheduled for June 7.<\/p>\n","protected":false},"featured_media":151541,"menu_order":0,"template":"","newscat":[9],"newstag":[],"issues":[],"class_list":["post-151540","news","type-news","status-publish","has-post-thumbnail","hentry","newscat-novosti"],"_links":{"self":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news\/151540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media\/151541"}],"wp:attachment":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media?parent=151540"}],"wp:term":[{"taxonomy":"newscat","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newscat?post=151540"},{"taxonomy":"newstag","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newstag?post=151540"},{"taxonomy":"issues","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/issues?post=151540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}