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The Economic Times

Economy / The Economic Times

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OPEC+ set to approve third supply increase since Hormuz disruption, sources say

OPEC+ plans a small oil output increase. This boost will be symbolic as the U.S.-Iran conflict blocks vital Gulf oil routes. The Strait of Hormuz closure severely limits exports from key members. This disruption has already sent oil prices soaring. Analysts warn of jet fuel shortages and rising global inflation.

3 May 2026 2:24 pm