Opec+ agrees modest oil output boost even as war on Iran disrupts shipments
Gulf Times
Opec+ agrees modest oil output boost even as war on Iran disrupts shipments
Opec+ agreed a modest oil output boost of 206,000 barrels per day for April on Sunday just as the US-Israeli war on Iran and Tehran’s retaliation disrupted oil flows from key members of the producer group in the Middle East. Opec+ has a history of raising oil output to cushion disruptions but analysts said the group currently has little spare capacity to add to supply, except for its leading member Saudi Arabia and the United Arab Emirates, which will also struggle to export oil until navigation in the Gulf returns to normal.
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