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OPEC+ announces increase in oil production after price rise

2026-05-03 17:25:43, Kosova & Bota CNA

Seven of the world's largest oil producers have announced they will increase their production "to support oil market stability", just days after a significant increase in prices, amid fears in the market that shipping through the Strait of Hormuz will not resume soon.

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman decided during a virtual meeting on May 3 to increase production by 188,000 barrels per day in June.

The decision comes after oil prices hit their highest level since Russia launched a full-scale invasion of Ukraine in 2022, hitting $126 a barrel on April 29, as The Wall Street Journal reported that US President Donald Trump had told allies to prepare for a “prolonged” blockade of Iranian ports. Since then, prices have rallied slightly.

"Countries will continue to closely monitor and assess market conditions, in their ongoing efforts to support market stability," the Organization of the Petroleum Exporting Countries (OPEC+) said in a statement.

However, although this step may bring partial relief, it does not change the key causes of current prices.

The US blockade is preventing Iran from shipping oil to China, adding to the pressure on high prices, which have been driven up by Iran's blockade of the Strait of Hormuz, also preventing other Gulf states from sending oil supplies to customers around the world.

The US blockade of Iranian ports began on April 13, after talks in Islamabad between the US and Iran failed to produce an agreement to end the war.

Tehran began the blockade of the Strait of Hormuz after US-Israeli airstrikes on Iran, which started the war on February 28.

Before the war, about 20 percent of global oil supplies passed through the Strait of Hormuz.

Separately, Kremlin spokesman Dmitry Peskov said Ukraine's continued attacks on the Russian oil industry are also adding to pressure on prices.

"If additional volumes of our oil are removed from the market, prices will rise even higher than current levels, which are already above $120 per barrel. This means that, even with lower export volumes, our companies would earn more money, while the state would receive more revenue," Peskov said.

In recent days, Ukrainian drone attacks have reached targets up to 1,500 kilometers inside Russian territory.

"It is important that any strike reduces the capabilities of Russia's military industry, logistics and oil exports," Ukrainian President Volodymyr Zelensky wrote on social media on April 29.