OPEC+ countries, including Saudi Arabia and Russia, to boost oil production
AP News • • world
Key Points:
- Seven OPEC+ countries, including Saudi Arabia and Russia, announced a modest increase in oil production by 188,000 barrels per day starting in June to support market stability.
- The participating countries are Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait, and Oman, who held a virtual meeting to agree on the production boost.
- The increase is largely symbolic as Iran's blockade of the Strait of Hormuz has severely disrupted oil shipments from the Gulf, removing millions of barrels from the global market.
- The announcement follows the UAE's decision to leave OPEC, causing significant changes within the 65-year-old oil cartel that influences about 40% of the world's crude oil production.
- The seven countries plan to hold monthly meetings to monitor market conditions and compliance, with the next meeting scheduled for June 7.
