OPEC Plus Boosts Oil Production Amid Middle East Tensions

0:00I'm Cory, and this is your Pulse of the City, Durham News today. Eight OPEC-plus countries announced plans to wrap up oil production amid escalating attacks in the Middle East. U.S. and Israeli forces struck Iran, which hit back at Israel in American bases near the Gulf, slowing down oil shipments from the area. In a meeting held Sunday, the group decided to add 206,000 barrels per day starting in April. That tops what experts predicted. Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman are leading the increase. Strikes hit ships in the Strait of Hormuz, a key route out of the Persian Gulf. Iran briefly closed parts of it last February for drills. About one-fifth of the world's oil flows through there, so blockages could crimp exports big time. Energy analysts warn this might push a crude oil and gasoline prices worldwide. Iran ships out around 1,600,000 barrels daily, mostly to China, which could face shortages if routes stay jammed.

1:03Experts see Brent crude jumping as much as $20 per barrel when markets reopen. It closed Friday at a seven-month high of $72.87. Extra output may help little if ships can't sail freely. A quick thank you to our sponsor of today's episode. What is cooler than cool, a pillow that plays your sound, S-O-L-I, solelypillow.com.