OPEC+ Boosts Oil Production after U.S. Attacks on Iran and throughout Region

Eight countries, which comprise part of the OPEC+ oil cartel announced Sunday they will boost production of crude as U.S. and Israeli forces launched a major attack on Iran and the country responded with defensive, retaliatory strikes against Israel and U.S. military installations around the Gulf, disrupting oil shipments from the region.

The Organization of Petroleum Exporting Countries, in a Sunday meeting planned before the war began, said it would increase production by 206,000 barrels per day in April, which was more than analysts had been expecting. The countries boosting output include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.

Attacks throughout the region, including on two vessels traveling through the Strait of Hormuz, the narrow mouth of the Persian Gulf, could restrict countries’ ability to export oil to the rest of the world. That would will likely result in higher prices for crude oil and gasoline, according to energy experts.

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