OPEC+ Increases Oil Production to Counter Iran War Fallout

 In May 2026, seven OPEC+ members agreed to raise production by 188,000 bpd to compensate for supply shortages. This Spring 2026 move follows the UAE's exit from the alliance and rising concerns over the closure of the strategic Strait of Hormuz. May 2026 reports revealed the alliance lost 7.7 million bpd since the war began, disrupting global energy stability. By 2026, the alliance aims to balance the market as Brent hits $108 amid the ongoing U.S. naval blockade.