OPEC+ to increase oil output as Strait of Hormuz remains effectively closed
The increased production is about 2% of the reduced global supply stemming from the conflict in Iran.
Eight of the 12 members of OPEC+ agreed to increase May quotas during a virtual meeting on Sunday.
The adjustment will add 206,000 barrels per day to the market in May, according to a statement from OPEC+.
The increased producing from the eight countries -- Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman -- is only about 2% of the total oil supply that's been disrupted by the closure of the Strait of Hormuz.
If the strait remains closed, it isn't clear the oil will make it onto the global market. On Sunday, President Donald Trump threatened Iran if the strait isn't opened.
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