OPEC+ Boosts Oil Output Amid Security Fears Over Energy Attacks

The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on April 5 to review global market conditions and outlook, according to a statement.

"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".

The statement added, "The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability".

It added, "The eight countries also expressed concern regarding attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is both costly and takes a long time, thereby affecting overall supply availability."

The countries stressed that "any actions undermining energy supply security, whether through attacks on infrastructure or disruption of international maritime routes, increase market volatility and weaken the collective efforts under the Declaration of Cooperation (DoC) to support market stability for the benefit of producers, consumers, and the global economy," the statement read.

Crude prices have surged to a four-year high amid the war, close to $120 a barrel, leading to higher prices for transport fuels, Al Jazeera reported.

The statement comes amid rising tensions over maritime security amid the conflict in West Asia, which has seen severe disruption in energy trade due to the virtual blockage of the Strait of Hormuz, a critical chokepoint for global energy trade.

- ANI