OPEC+ hikes oil production quotas, issues warningThe war has caused oil prices to surge worldwideVIENNA - The OPEC+ oil cartel agreed on Sunday to again increase oil production quotas, while warning that repairing energy facilities, such as those damaged in the Middle East war, is "costly and takes a long time". But OPEC+ warned that damage to energy infrastructure increases oil market volatility, potentially hitting global supplies well into the future. Before the war, about a fifth of global oil and liquefied natural gas (LNG) passed through the Strait. Ukraine has also been striking Russian oil industry facilities as it seeks to fight back against Moscow's ongoing invasion. Last month, the eight-strong V8 (Voluntary Eight) group in the OPEC+ cartel also raised production quotas by 206,000 bpd.

Source: Bangkok Post April 06, 2026 01:25 UTC