The OPEC+ decision to increase its crude oil supply again on May 1 will likely be largely symbolic, according to analysts, due to the difficulty of implementing it because of the Iran conflict.
In fact, the organization has been unable to implement the April 1 increase due to the conflict in the Middle East, generating concern in the global energy market.
The planned May increase of 206,000 barrels per day was agreed upon on Sunday, April 5, in a teleconference by the energy and oil ministers of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
The eight countries issued a statement regarding the attacks on energy infrastructure in the Middle East, noting that “restoring damaged energy assets to full capacity is costly and time-consuming, affecting the overall availability of supply.”
In addition, the signatories expressed their stance on actions against “the security of energy supply, whether through attacks on infrastructure or the disruption of international shipping routes,” which contribute to market volatility and “weaken the collective efforts of the oil alliance to stabilize the market.”
M.Pino
Source: rtve
(Reference image source: Gerhard Crous on Unsplash)
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