Dubai, Apr 5 (AP) Eight countries from the OPEC+ oil cartel say they will increase production again in May to ensure stability on the oil market — a decision overshadowed by the effective closure of the Strait of Hormuz to tanker traffic due to the Iran war.
The countries said in a statement carried Sunday on the Organisation of the Petroleum Exporting Countries website that production would be increased by 206,000 barrels per day.
That, however, remains largely on paper due to the loss of an estimated 12 million barrels a day from Persian Gulf producers due to the Hormuz closure.
The countries — Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — warned that damage from attacks on oil infrastructure will take “a long time” to repair and return supply to previous levels.
Such attacks, as well as disruption of navigation, undermine efforts to support stable prices “for the benefit of producers, consumers and the global economy,” they said. (AP) RD
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