OPEC+ raised May 2026 production quota by 206,000 barrels per day, involving eight members that had voluntary cuts earlier.
Bank of America called the increase symbolic, noting core Middle East output stays constrained by Iran’s blockade of the Strait of Hormuz.
Rystad data shows 12.6 million barrels per day of Middle East liquids production disrupted, with Iraq and Kuwait facing the largest shut‑ins.
Saudi, UAE and Qatar fields should restart soon; Iraq and Kuwait may need weeks‑to‑months, risking 1.1 million bpd loss if delayed six months.