Opec+ to raise output but wary of attacks on facilities

• 206,000-bpd hike for May
• Monitoring events closely
• Attacks could cause instability

Opec+ has agreed to increase oil output for May, but remains wary of Iran’s attacks on oil and gas infrastructure.

The eight countries attending a virtual meeting – Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman – decided to raise May quotas by 206,000 barrels per day, Opec+ said in a statement on Sunday.

Opec+ output remained steady over the first three months of 2026, but the group agreed to an increase – also of 206,000 bpd – for April on March 1, a day after the initial US and Israeli strikes on Iran.

Opec+ raised production quotas by almost 2.9 million bpd from April 2025 through December 2025, before halting increases for January to March 2026.

“The countries will continue to closely monitor and assess market conditions,” the statement said.

The war has nearly closed the Strait of Hormuz since the end of February, cutting exports from most Opec+ members. As a result, crude prices surged to a four-year high of almost $120 a barrel last month. 

The quota increase of 206,000 bpd represents less than 2 percent of the supply disrupted by the Hormuz closure, Reuters reported, quoting Opec+ sources. 

The joint ministerial monitoring committee, which also met on Sunday, said restoring damaged energy assets to full capacity was “costly and time-consuming”, which will affect overall supply availability. 

Accordingly, the committee said that any actions undermining energy supply security, whether through attacks on infrastructure or disruption of international maritime routes, increase market volatility. 

Rystad Energy last month said repair costs for Middle Eastern energy infrastructure are forecast to reach at least $25 billion based on an initial assessment of facilities affected by the war. 

Iran, one of the founding members of Opec, has said Iraq was exempt from any restrictions on transit through Hormuz.  

Brent crude was trading at $110.2 per barrel, up 1.1 percent, while WTI crude increased 0.2 percent to $111.7 per barrel by 06:58 GMT on Monday.

Opec+ will hold its next meeting on May 3.

• Trump fails to set the record straight on the strait
• Iran to allow safe passage of Philippine ships, says Manila
• The Hormuz islands that hold sway over global energy