Latest news and articles about opec+ from NEX English
OPEC+ has announced a modest increase in oil production in response to rising global energy prices. This decision comes as Iran continues to assert its control over the Strait of Hormuz, raising questions about its impact on global markets.
Kuwait has announced plans to boost its oil production to <strong>2.628 million barrels per day</strong> in June, according to the Kuwaiti Minister of Oil. This increase aligns with OPEC+'s efforts to raise production by <strong>188,000 barrels daily</strong> amidst ongoing global challenges.
On Sunday, OPEC+ agreed to raise oil production quotas by <strong>206,000 barrels per day</strong> for May, a modest increase amid the ongoing closure of the Strait of Hormuz due to the U.S.-Israeli conflict with Iran.
The 65th meeting of the OPEC+ Joint Ministerial Monitoring Committee was held via video conference, emphasizing the importance of protecting maritime shipping routes to ensure energy supply flow. The committee expressed concern over attacks on energy infrastructure and their impact on market stability.