{"id":47085,"date":"2026-05-04T13:59:01","date_gmt":"2026-05-04T08:14:01","guid":{"rendered":"https:\/\/nepalsamaj.com\/en\/?p=47085"},"modified":"2026-05-04T13:59:01","modified_gmt":"2026-05-04T08:14:01","slug":"opec-countries-agree-modest-rise-in-production-as-iran-retains-chokehold-on-key-strait-of-hormuz","status":"publish","type":"post","link":"https:\/\/nepalsamaj.com\/en\/opec-countries-agree-modest-rise-in-production-as-iran-retains-chokehold-on-key-strait-of-hormuz\/","title":{"rendered":"OPEC+ countries agree modest rise in production as Iran retains chokehold on key Strait of Hormuz"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div><p>Seven countries in the OPEC+ grouping of oil-producing countries \u2014 including Saudi Arabia and Russia \u2014 say they\u2019ve decided to a modest increase in production starting in June as part of a commitment to \u201cmarket stability.\u201d<\/p>\n<p>The commitment from the seven countries, also including Algeria, Iraq, Kazakhstan, Kuwait and Oman, to raise production by 188,000 barrels per day comes after a virtual meeting they held on Sunday.<\/p>\n<p>The move is mostly symbolic because it comes as Iran blocks the Strait of Hormuz at the mouth of the Persian Gulf, where about a fifth of the world\u2019s trade in oil and natural gas typically passes, in the midst of the U.S.-Israeli war. That has stopped much of the oil shipped from Gulf producers and knocked millions of barrels a day off the global market.<\/p>\n<p>It also follows a decision by the United Arab Emirates to leave the OPEC oil cartel, shaking up the 65-year-old alliance that produces some 40% of the world\u2019s crude oil and exerts major influence over the price of energy around the globe.<\/p>\n<p>Iran is one of OPEC\u2019s 12 member countries, and Russia is not \u2014 it works with the Vienna-based oil producers alliance through the OPEC+ grouping.<\/p>\n<p>The seven countries said they would hold monthly meetings \u201cto review market conditions, conformity, and compensation\u201d and plan to meet again on June 7.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Seven countries in the OPEC+ grouping of oil-producing countries \u2014 including Saudi Arabia and Russia \u2014 say they\u2019ve decided to a modest increase in production starting in June as part of a commitment to \u201cmarket stability.\u201d The commitment from the seven countries, also including Algeria, Iraq, Kazakhstan, Kuwait and Oman, to raise production by 188,000 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":26080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-47085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts\/47085"}],"collection":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/comments?post=47085"}],"version-history":[{"count":1,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts\/47085\/revisions"}],"predecessor-version":[{"id":47086,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts\/47085\/revisions\/47086"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/media\/26080"}],"wp:attachment":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/media?parent=47085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/categories?post=47085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/tags?post=47085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}