Middle East tensions push up oil prices; OPEC+8 countries decide to increase production by 206,000 barrels/day in May

Driven by persistent tensions in the Middle East, international oil prices rose further. On April 5 local time,May‑delivery U.S. WTI crude oil futures opened above $113 per barrel, up more than 2%; Brent crude futures simultaneously rose above $110 per barrel, up about 1.7%.

On the same day, eight member countries of OPEC+, which comprises OPEC and non‑OPEC oil producers, held a meeting,deciding to raise crude oil production by 206,000 barrels per day starting in May 2026, continuing the gradual withdrawal from the previous voluntary production cut arrangements.

The countries participating in the meeting included:Saudi Arabia, Russia, the United Arab Emirates, Iraq, Kuwait, Kazakhstan, Algeria, and OmanThe meeting made no other changes to existing production policies.