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2026-04-05 20:01:13
[OPEC+ Plans Symbolic Increase in Oil Quotas Amid War] OPEC+ members plan to increase their May production quotas in a symbolic move, as the Middle East conflict restricts the oil production and shipping capacity of several of the alliance's major members. According to two unnamed representatives, major oil producers, led by Saudi Arabia and Russia, agreed in principle to increase their daily production targets by approximately 206,000 barrels during a video conference on Sunday evening. Due to the war in Iran, which has limited oil supplies from the Persian Gulf, major producers such as Saudi Arabia, the UAE, Iraq, and Kuwait have had to reduce production, and such actions by the organization are currently only theoretical. However, this may symbolize that they will restore oil production as soon as the conflict eases.
