OPEC+ to ramp up oil output in May amid global energy crisis

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, on Sunday decided to increase oil output by 206,000 barrels per day in May, according to an OPEC statement.

The decision was announced following a virtual meeting attended by Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which reviewed global market conditions and outlook.

Amid the ongoing military conflict in the Middle East, the eight OPEC+ countries underscored the critical importance of safeguarding international maritime routes to ensure the free flow of energy supplies.

The eight countries also expressed concern over attacks on energy infrastructure, which harmed the overall supply availability. They stressed that it is both costly and takes a long time to restore damaged energy assets to full capacity.

They are scheduled to meet again on May 3 to make further decisions.

Since the US-Israeli strikes on Iran beginning February 28, the conflict in the Middle East has severely disrupted regional energy flows, with crude oil and refined product shipments declining significantly.