OPEC+ Mulls Paper Hike Amid 15% Cut

OPEC+ is set to approve a “paper” oil production increase at its virtual meeting despite a 12‑15 million bpd supply loss from the Iran‑related Strait of Hormuz shutdown.
The Hormuz closure, in effect since late February, has removed roughly 15% of global oil supply, pushing Brent to a four‑year high near $120 per barrel.
JPMorgan warns that if the strait remains blocked into mid‑May, crude could surge above $150 per barrel, the highest level ever recorded.
Key OPEC+ members (Saudi Arabia, UAE, Kuwait, Iraq) cannot increase output, and Russia is constrained by sanctions, leaving no swing producer to offset the shock.