Eight OPEC members have reached an agreement to increase their oil production once the Strait of Hormuz becomes navigable again, Reuters reported, citing OPEC sources. OPEC on Sunday said it will raise oil production quotas by 206,000 barrels a day in May. The hostilities have effectively blocked the Strait of Hormuz — the world's most critical oil corridor — since late February, halting exports from OPEC nations like Saudi Arabia, the UAE, Kuwait, and Iraq. During the virtual session on Sunday, eight OPEC members consented to the May quota adjustments, according to an official statement. While OPEC includes 22 members, only the eight nations that met Sunday have dictated monthly production shifts recently.

Source: Mint April 06, 2026 02:26 UTC