Kazakhstan

The rise is largely symbolic as some key members are unable to raise ​production amid the US-Israel war on Iran.

The Organization of the Petroleum Exporting Countries (OPEC) has agreed to increase oil output quotas by 206,000 barrels per day for May, a rise that is largely symbolic as some of its key members are unable to raise production due to the US-Israeli war on Iran.

The war has effectively blocked the Strait of Hormuz – the world’s most important oil route – since the end of ⁠February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq.

In a statement on Sunday, eight members of OPEC+, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed to increase May quotas during a virtual meeting.

“The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability,” the statement read.

“The eight countries also expressed concern regarding attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is both costly and takes a long time, thereby affecting overall supply availability,” it added.

While the quota increase represents less than two percent of the supply disrupted by the closure of the strait, OPEC+ sources told the Reuters news agency that the pledge had signalled readiness to raise output once the waterway reopens.

Crude prices have surged to a four-year high amid the war, close to $120 a barrel, leading to higher prices for transport fuels.

On Thursday, JPMorgan said oil prices could spike above $150, an all-time high, if oil flows through the Strait of Hormuz remain disrupted into mid-May.

May’s increase is the same as the eight members had agreed on for April at their last meeting on March 1. But amid the war, oil supply disruption on record is estimated to have removed as much as 12 to 15 million bpd or up to 15 percent of global supply.

With the strait still closed, Iran has allowed some countries in the region to use the waterway.

Iran has said Iraq was exempt from any transit restrictions through the strait, with shipping data on Sunday showing a tanker loaded with Iraqi crude passing through the waterway.

Oman’s Foreign Ministry announced on Sunday that deputy foreign minister-level talks were being held with Iran to discuss ⁠⁠options to ensure the smooth transit of vessels through the Strait ‌‌of Hormuz.

US President Donald Trump threatened to escalate attacks and target Iranian civilian infrastructure, including bridges and power plants, if the Strait of Hormuz is not reopened by Monday.

INDIAN WELLS — World No. 1 Aryna Sabalenka beat Elena Rybakina 3-6, 6-3, 7-6 (6) in the Indian Wells final Sunday for her first title at the tournament.

Sabalenka, a runner-up in 2023 and ‘25, finished off the win at the BNP Paribas Open with a big serve that Rybakina hit long. It was a sweltering afternoon on the court as the temperatures soared into the 90s.

The 27-year-old Sabalenka had a chance to close out the third set but was broken at 5-4. Rybakina found herself with a championship point in the tiebreaker, only to have Sabalenka hit a backhand winner.

This marked the 16th time the two players have met, with Sabalenka now holding a 9-7 advantage. Rybakina of Kazakhstan beat Sabalenka at the 2025 WTA Finals championship and the Australian Open two months ago. She also edged Sabalenka in the finals at Indian Wells in 2023.

“What a day,” Sabalenka said after the match.

In the men’s final later Sunday, Daniil Medvedev faces Jannik Sinner, who has won eight of his last nine matches against Medvedev.