OPEC+ Boosts Output Quota, Despite Hormuz Closure

0:00It's May 3rd. From breaking headlines to national stories, this is US News Today, powered by AI. OPEX just greenlit their third straight oil output quarter bump. This time for June, with seven key members adding 188,000, barrels per day to their targets. It's mostly symbolic right now, though, since the straight of Hormuz stays shut down from the ongoing Iran War, choking off real exports from the Gulf. The group held an online meeting Sunday, May 3rd, and set this hike the same as Mays, just minus the United Arab Emirates slice after they bounced. From OPEX Plus on May 1st. Saudi Arabia leads with a quota, jumping to 10.291 million barrels per day, way above their actual March output of 7.7, 6 million. Analysts, like former OPEC insider, Jorge Leon, call it a smart signal showing business as usual, despite the UAE exit and proving they've still got. Market control, even if physical supplies can't move. Sources say it's layering messages of stability to keep trader steady.

1:06The War kicked off February 28th, slashing OPEX Plus output to 35.06 million barrels per day in March, down over 7. Million from February, mainly hitting Saudi Arabia, Iraq, and Kuwait. Prices have rocketed past $125 a barrel, a four-year peak, with jet fuel shortages and inflation spikes looming in weeks. They'll huddle again June 7th as Gulf execs warn it'll take weeks or months to ram flows, once Hormuz reopens, keeping the oil world on edge for now.