OPEC+ raises May oil quotas by 206,000 barrels per day
Business
OPEC and its allies, known as OPEC+, are raising oil production quotas by 206,000 barrels a day for May 2026.
This move, mainly driven by Saudi Arabia and Russia, follows recent supply cuts tied to ongoing Middle East tensions, which have already taken about 10% of global oil off the market, according to the International Energy Agency.
Iran setting Strait of Hormuz tolls
The latest quota hike comes just after a similar adjustment in March, all part of OPEC+'s efforts to keep global oil flowing despite major disruptions.
The conflict has hit key routes like the Strait of Hormuz, where Iran is setting up a tolling system and making shipping trickier and more expensive.
Even though Iraq can still ship out oil, some shippers are playing it safe until things calm down.