OPEC+ agreed Sunday to raise oil production by 206,000 barrels per day in May, its second consecutive monthly increase.
The group, including Russia, Saudi Arabia, and Gulf nations, warned that repairing war-damaged energy infrastructure remains costly and slow.
OPEC+ stressed safeguarding international shipping routes, especially the Strait of Hormuz, as critical for uninterrupted global energy flow.
The statement avoided naming the Iran conflict directly, but recent US, Israeli, and Iranian strikes have disrupted regional oil exports.
Iran’s threats to tankers have blocked much traffic through the Strait, which previously handled nearly a fifth of global oil and LNG.
Ukraine’s strikes on Russian oil facilities add further risks to global energy supply and market stability.
The Voluntary Eight group within OPEC+ praised alternative export routes that helped reduce market volatility amid ongoing geopolitical tensions.
