OPEC+ agrees to increase oil production starting in May

OPEC+, the group of oil-producing countries, has agreed in principle to increase its oil output by 206,000 barrels per day starting in May. The decision comes as the group warns of a slow recovery for oil markets following recent attacks and supply disruptions related to the war in Iran.

However, many reports suggest this increase may be largely symbolic or 'on paper,' as actual oil exports remain stalled. A key condition mentioned is that the increased production will flow when the Strait of Hormuz, a critical shipping channel, reopens.