OPEC+ agreed on Sunday to increase oil production quotas for the second month in a row, while warning that damage to energy infrastructure amid ongoing conflicts could disrupt global supplies for an extended period, AFP reported.The Petroleum Organization decided to increase production quotas by 206,000 barrels per day starting in May, with major producers including Russia, Saudi Arabia and several Gulf states supporting the move.However, OPEC+ warned that repairing damaged energy facilities in conflict zones is “expensive and time-consuming,” adding that such disruptions could increase volatility in global oil markets.The group also stressed “the critical importance of protecting international sea routes to ensure the uninterrupted flow of energy.”While the statement did not directly mention the war with Iran, the ongoing conflict has significantly impacted global energy markets and contributed to a sharp rise in oil prices.Since February 28, when the United States and Israel launched strikes on Iran, Tehran has responded by targeting sites across the region, including key energy infrastructure.Iran has also effectively halted shipping through the Strait of Hormuz by threatening to attack tankers that pass without permission, severely restricting exports from the Gulf region.
Before the conflict, nearly a fifth of the world’s oil and liquefied natural gas shipments passed through the strait, making it an important artery for global energy trade.The disruption raised concerns about whether increased production by OPEC+ members could translate into actual supplies reaching global markets.Meanwhile, Ukraine is also targeting Russian oil facilities as part of its ongoing conflict with Moscow, further complicating global supply dynamics.Last month, the eight-member Voluntary Group of Eight (V8) within OPEC+ raised production quotas by 206,000 barrels per day.The G8 warned in its statement that “any actions that undermine the security of energy supplies, whether through attacks on infrastructure or disruption of international maritime routes, increase market volatility” and complicate efforts to manage global oil prices.The group – which includes Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman – also recognized members who were able to find alternative export routes, noting that these efforts helped reduce market volatility.
