OPEC+ agrees to hike oil output, warns of slow recovery after attacks

The Organization of the Petroleum Exporting Countries (OPEC) has agreed to increase oil output quotas by 206,000 barrels per day for May, although this rise is largely symbolic as some key members are unable to raise production due to the US-Israeli war on Iran. The war has blocked the Strait of Hormuz, cutting exports from OPEC+ members including Saudi Arabia, the UAE, Kuwait, and Iraq. Eight OPEC+ members expressed concern over attacks on energy infrastructure, noting that restoring damaged energy assets is costly and time-consuming.