OPEC+ to hike crude output: Will it make a difference to oil prices?

[BumRushDaShow]

Source: Yahoo! Finance/EuroNews

Mon, April 6, 2026 at 6:35 AM EDT


OPEC+ members met virtually on Sunday and afterwards announced plans to hike crude quotas by 206,000 barrels per day (bpd) in May as the Strait of Hormuz, which is the world's most important route for black gold, continues to face disruptions as a result of the US-Iran conflict.

However, the modest rise agreed by the eight key producing countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman — is not likely to bring down oil prices as it represents less than 2% of the supply disrupted by the Hormuz closure. Moreover, the increase is more symbolic than material as the oil can’t be exported until the Strait of Hormuz opens.

“In their collective commitment to support oil market stability, the eight participating countries decided to implement a production adjustment of 206 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023. This adjustment will be implemented in May 2026,” the group said in a statement.

The members' statement also noted that the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner.

Read more: https://finance.yahoo.com/sectors/energy/articles/opec-hike-crude-output-difference-074639370.html?fr=sycsrp_catchall

[chicoescuela]

1. Sure, why not at a buck ten a barrel? Not much incentive at 60.

[ProfessorGAC]

2. Production Wasn't An Issue...

...before the Iran misadventure.
Potential disruptions are what spooked the market, but the sustained high prices is based on transportation uncertainty.
Pumping more oil that can't be efficiently & economically shipped can't do much good in the short or medium term, IMO.

[BumRushDaShow]

3. It would eventually produce a glut at the originator site, like what briefly happened back in 2020

when Saudi got into a production/price war with Russia and sent the price of a bbl of oil, NEGATIVE (meaning they had to pay for people to store it)!



Crude Oil has gone NEGATIVE!

[ProfessorGAC]

5. Agreed

They had all the tankard, ships, caverns & pipelines at 90% or more full.
Big countries went wild filling strategic reserves.
And, that was before the US raised output to easily take over the #1 spit in crude production.

[Bayard]

4. Lip service, if the oil can't go anywhere

But, I'm sure trump will claim all these countries are supporting him and his war. Notice Russia in that group.

[BumRushDaShow]

6. "Notice Russia in that group."

Yeah the "+" in "OPEC+" is pretty much Russia (vs "OPEC" ).