The Organization of the Petroleum Exporting Countries OPEC+ has said it will boost its oil output by 206,000 barrels per day in April, while the United States and Israel’s attacks on Iran disrupt global oil flows.
The bloc hiked output by around 2.9 million barrels per day across 2025, but has held production unchanged for the last three months. Iran has reportedly closed the Strait of Hormuz amid the attacks and Iranian retaliatory strikes.
“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to resume the unwinding of the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023 and agreed on a production adjustment of 206 thousand barrels per day,” OPEC+ wrote.
Its statement did not mention the strikes on Iran. Eight OPEC+ members will increase their output, including Saudi Arabia, Russia, Iraq, and Kuwait.
Saudi Arabia has also been increasing oil production by about 500,000 barrels per day in recent weeks as the U.S. prepared for strikes on Iran, per Reuters.
Iran’s Revolutionary Guards told ships on Saturday that they cannot enter the Strait of Hormuz, Reuters reported, though Iran has not publicly confirmed this. Around one fifth of global oil shipments would typically transit through the strait.
“We view the Strait of Hormuz as the only true game‑changer for the oil price. Anything short of sustained disruption to supply through that waterway will see only temporary rallies in the oil price,” wrote ANZ Research commodity strategists Daniel Hynes and Soni Kumari in February.
At least three tankers were damaged near the Strait of Hormuz today as both U.S.-Israeli attacks and Iranian retaliatory airstrikes continued.
Brent crude prices had surged 5.3% to US$76.75 by 2:40 pm AEDT, while West Texas Intermediate was up 5% to $70.40.
