OPEC+ Announces Increased Oil Output After Price Spike

13:24 3.5.2026

Seven of the world’s biggest oil producers have announced that they will increase their output “to support oil market stability,” days after a dramatic oil price spike amid market fears that shipping through the Strait of Hormuz will not resume anytime soon.

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman took the decision at a virtual meeting on May 3 to raise output by 188,000 barrels per day in June.

The move came after oil prices reached their highest level since Russia’s full-scale invasion in 2022, reaching $126 per barrel on April 29 following a report in The Wall Street Journal that US President Donald Trump had told aides to prepare for an “extended” blockade of Iranian ports. The price has since slipped back slightly.

“The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability,” a statement by OPEC+ said. However, while the move may provide some relief, it does not change the underlying causes of the current price levels.

The US blockade is preventing Iran shipping oil to China, adding to price pressures caused by Iran’s blockade that has stopped other Persian Gulf countries sending oil supplies to customers around the world. Washington’s blockade began on April 13, following failed US-Iranian talks in Islamabad.

Tehran launched its blockade after US-Israeli air strikes on Iran started the war on February 28.

Prior to the war, some 20 percent of global oil supplies passed through the Strait of Hormuz.

Separately, Kremlin spokesman Dmitry Peskov said that ongoing Ukrainian attacks on the Russian oil industry was also adding to price pressures.

“If additional volumes of our oil are dropped from the market, prices will rise further from current levels, which are already above $120 a barrel. That would mean that even with lower export volumes, our companies would earn more money, and the state would receive more revenue,” Peskov said.

Ukrainian drone strikes have reached as far as 1,500 kilometers inside Russia in recent days.

“It is important that every strike reduces the capabilities of Russia’s military industry, logistics, and oil exports,” Ukrainian President Volodymyr Zelenskyy wrote on social media on April 29.

Source: blockade-gulf-israel/33640284.html?lbis=453883

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