OPEC+ agreed on Sunday to raise oil output quotas by 206,000 barrels per day for May, though the increase is largely symbolic as key producers remain constrained by the US-Israeli war with Iran. "In reality it adds very few barrels to the market," said Jorge Leon of Rystad Energy. "With Hormuz shut, additional OPEC+ supply is largely irrelevant. "Eight OPEC+ members agreed to the higher quotas at a virtual meeting, the group said. Russia, meanwhile, remains unable to raise output due to sanctions and war-related damage.

Source: Economic Times April 06, 2026 03:40 UTC