Brasília – Eight member countries of the Organization of the Petroleum Exporting Countries (OPEC+) announced on Sunday (1) an increase in fossil fuel production by 206,000 barrels per day, starting in April 2026.
The decision came after exports through the Strait of Hormuz, an important tanker route, were halted amid the military escalation in the Middle East.
Joint attacks by the United States and Israel against Iran have been occurring since Saturday (28). In retaliation, Tehran is targeting bases of these countries in the region, some of them located in oil-producing areas.
Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met online on Sunday to review the conditions and outlook of the global oil market.
According to the official statement resulting from the meeting, the announcement reverses part of the 1.65 million barrels per day cuts established in April 2023.
Strait of Hormuz
Oil prices rose on Friday (27) to USD 73 per barrel, the highest level since July, due to fears of a broader conflict in the Middle East, which materialized on Saturday (28).
With the US and Israeli attacks, the Iran-controlled Strait of Hormuz was closed on Saturday for security reasons, according to the Persian country’s press.
The blockade is causing disruptions in oil supply, as more than 20% of the global fuel supply passes through the Gulf route.
“The countries will continue to closely monitor and assess market conditions, and (…) they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments,” says OPEC+.Opep+.
Translated by Guilherme Miranda
