{"id":15114,"date":"2026-03-02T10:36:03","date_gmt":"2026-03-02T02:36:03","guid":{"rendered":"https:\/\/tingchao.xyz\/?p=15114"},"modified":"2026-03-02T10:36:08","modified_gmt":"2026-03-02T02:36:08","slug":"opec-boosts-oil-production-after-attacks-on-iran-and-throughout-region","status":"publish","type":"post","link":"https:\/\/tingchao.xyz\/?p=15114","title":{"rendered":"OPEC+ boosts oil production after attacks on Iran and throughout region"},"content":{"rendered":"\n
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Iran US Oil Prices\u00a9\u00a0Kamran Jebreili<\/figcaption><\/figure>\n\n\n\n

NEW YORK (AP) \u2014 Eight countries that are part of\u00a0the OPEC+ oil cartel<\/a>\u00a0announced Sunday they will boost production of crude as U.S. and Israeli forces\u00a0launched a major attack on Iran<\/a>\u00a0and the country responded with retaliatory strikes against Israel and U.S. military installations around the Gulf,\u00a0disrupting oil shipments from the region<\/a>.<\/p>\n\n\n\n

The Organization of Petroleum Exporting Countries, in a Sunday meeting planned before the war began, said it would increase production by 206,000 barrels per day in April, which was more than analysts had been expecting. The countries boosting output include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.<\/p>\n\n\n\n

Attacks throughout the region, including on two vessels traveling through the Strait of Hormuz<\/a>, the narrow mouth of the Persian Gulf, could restrict countries’ ability to export oil to the rest of the world. That would will likely result in higher prices for crude oil<\/a> and gasoline, according to energy experts.<\/p>\n\n\n\n

Roughly 15 million barrels of crude oil per day \u2014 about 20% of the world\u2019s oil \u2014 are shipped through the Strait of Hormuz<\/a>, making it the world’s most critical oil chokepoint, according to Rystad Energy. Tankers traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UAE and Iran.<\/p>\n\n\n\n

Iran had temporarily shut down parts of the strait<\/a> in mid-February for what it said was a military drill. Further disruptions to that shipping channel could lead to lower supply and higher prices for oil.<\/p>\n\n\n\n

\u201cRoughly one-fifth of global oil supply passes through the Strait of Hormuz, a vital artery for world trade, meaning markets are more concerned with whether barrels can move than with spare capacity on paper,\u201d said Jorge Le\u00f3n, Rystad’s senior vice president and head of geopolitical analysis, in an email. “If flows through the Gulf are constrained, additional production will provide limited immediate relief, making access to export routes far more important than headline output targets.\u201d<\/p>\n\n\n\n

Iran exports roughly 1.6 million barrels of oil a day, mostly to China, which may need to look elsewhere for supply if Iran\u2019s exports are disrupted, another factor that could increase energy prices.<\/p>\n\n\n\n

Energy experts believe oil prices could shoot higher when barrels begin trading late Sunday. Analysts at Rystad anticipate the price of a barrel of Brent crude, the international standard, could increase by $20 when trading opens.<\/p>\n\n\n\n

A barrel of Brent crude closed at a seven-month high of $72.87 on Friday.<\/p>\n","protected":false},"excerpt":{"rendered":"

NEW YORK (AP) \u2014 Eight countries that are part of\u00a0the OPEC+ oil cartel\u00a0announced Sunday they will boost production of crude as U.S. and Israeli forces\u00a0launched a major attack on Iran\u00a0and the country responded with retaliatory strikes against Israel and U.S. military installations around the Gulf,\u00a0disrupting oil shipments from the region. The Organization of Petroleum Exporting […]<\/p>\n","protected":false},"author":11,"featured_media":15115,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[1790,1627,3991],"class_list":["post-15114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-usa","tag-iran","tag-oil","tag-opec"],"yoast_head":"\nOPEC+ boosts oil production after attacks on Iran and throughout region - LISTEN WORLD<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tingchao.xyz\/?p=15114\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPEC+ boosts oil production after attacks on Iran and throughout region - LISTEN WORLD\" \/>\n<meta property=\"og:description\" content=\"NEW YORK (AP) \u2014 Eight countries that are part of\u00a0the OPEC+ oil cartel\u00a0announced Sunday they will boost production of crude as U.S. and Israeli forces\u00a0launched a major attack on Iran\u00a0and the country responded with retaliatory strikes against Israel and U.S. military installations around the Gulf,\u00a0disrupting oil shipments from the region. 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