The OPEC+ coalition of oil producers, led by Saudi Arabia and Russia, announced that it will increase its crude oil production by 206,000 barrels per day, taking into account projections and oil reserves, without referencing the conflict with Iran. This is the result of a videoconference among the energy and oil ministers from various countries, according to a statement on OPEC’s website. The announcement does not mention the conflict with Iran, which began due to attacks from the United States and Israel, and which affects the transport of oil through the Strait of Hormuz. The assault on Iran, which produces 3.3 million barrels per day, has raised concerns about potential disruptions to exports and Tehran’s warning of blocking maritime passage in the Strait of Hormuz. The coalition of oil companies argues that the decision to increase production is based on economic projections and market indicators, as evidenced by the stored oil reserves.
