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OPEC+ to Boost Oil Production Amid Rising Global Energy Prices
(MENAFN) OPEC and its allied producers, collectively known as OPEC+, have announced plans to increase oil production by 206,000 barrels per day in May in response to surging energy prices, according to reports.
The decision followed a virtual meeting attended by key members, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, during which global market conditions and forecasts were reviewed.
The participating countries highlighted the strategic importance of protecting international shipping lanes to maintain the uninterrupted flow of energy supplies. They also voiced concern over attacks on energy infrastructure, noting that repairing damaged assets is both costly and time-consuming.
OPEC+ plans to reconvene on May 3 to discuss further production decisions. Reports indicate that the ongoing Middle East conflict, particularly since late February, has significantly disrupted regional energy flows, reducing shipments of crude oil and refined products.
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