"The war has effectively blocked the Strait of Hormuz, the world's most important oil route, since the end of February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq."
"While the quota increase represents less than two percent of the supply disrupted by the closure of the strait, OPEC+ sources indicated that the pledge signaled readiness to raise output once the waterway reopens."
"Crude prices have surged to a four-year high amid the war, close to $120 a barrel, leading to higher prices for transport fuels."
OPEC+ has agreed to increase oil output quotas by 206,000 barrels per day for May, despite key members being unable to raise production due to the US-Israel war on Iran. The conflict has blocked the Strait of Hormuz, significantly impacting oil exports from major OPEC+ members. The increase represents less than two percent of the supply disrupted by the closure of the strait. Crude prices have surged to nearly $120 a barrel, with potential spikes above $150 if disruptions continue into mid-May.
Read at www.aljazeera.com
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