April 5 (UPI) -- Members of the Organization of the Petroleum Exporting Countries said Sunday they will again modestly boost oil production as war rages in Iran and the Persian Gulf, although the move is largely symbolic as the Strait of Hormuz remains closed.
As first they did in March, the eight OPEC+ countries -- Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman -- on Sunday agreed to a 206,000 barrel-per-day production increase amid attacks by Iran on the oil and gas facilities of several of its members in the Persian Gulf.
Iran has blocked the key Strait of Hormuz shipping lane in response to the American and Israel attacks that started on Feb. 28.
Since then the global price of oil has shot up by close to 60% while gas prices at the pump in the United States have surpassed $4 per gallon.
Although the waterway remains choked off, the OPEC+ move indicated producers will likely ramp up production to help alleviate the worldwide oil shock once the Strait is reopened and production facilities in the Gulf states are secured from Iranian drones and missiles.
