OPEC+ Crude Output Rises Amid Strait of Hormuz Disruptions

OPEC+ announced that eight member countries will increase crude oil production by 206,000 barrels per day in April, exceeding expectations. This move comes as the Iran conflict disrupts shipping near the Strait of Hormuz, a key global oil route.

The Organisation of Petroleum Exporting Countries said it will add to its output in April after a meeting on Sunday. The countries increasing production are Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.

Analysts warn that reduced exports due to attacks could push crude oil and petrol prices higher. Energy experts said regional attacks could still limit exports and raise prices. About 15 million barrels of crude a day move through the Strait of Hormuz, which is about 20% of the world's oil.

Rystad Energy said if exporters cannot ship oil freely, crude and petrol prices may rise. Traders are watching transport routes closely because spare output matters less if barrels cannot move. The channel is seen as the most critical oil chokepoint, with tankers carrying oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UAE, and Iran.