OPEC+ Plans Symbolic Oil Quota Hike Amid War, Delegates Say – Bloomberg.com
OPEC+ warned that damage to Middle East energy assets will have a prolonged impact on oil supply even after the Iran war ends, as it approved a symbolic increase in output quotas for next month.
“Restoring damaged energy assets to full capacity is both costly and takes a long time,” the group’s ministerial monitoring committee said in a statement after meeting on Sunday. Any action that jeopardizes security of supply, whether that’s an attack on infrastructure or disruption of export routes, increases market volatility and weakens OPEC+’s efforts, it said.
