Energy
OPEC+ Expected to Approve Third Increase in Oil Output Quotas Amid Hormuz Strait Closure
OPEC+ is likely to agree on a third increase in oil output quotas as a response to the ongoing closure of the Hormuz Strait, according to sources.
Editorial Staff
1 min read
Updated 4 days ago
On May 3, 2026, OPEC+ is anticipated to implement its third increase in oil output quotas since the closure of the Hormuz Strait.
This decision comes as the organization seeks to address the challenges posed by the ongoing situation in the region.
Sources indicate that this move reflects OPEC+'s ongoing strategy to manage oil supply amid geopolitical tensions.