OPEC+ Makes Symbolic Oil Hike, Sees Long Supply Hit From War (2)

OPEC+ warned that damage to Middle East energy assets will have a prolonged impact on oil supply even after the Iran war ends, as it approved a symbolic increase in output quotas for next month.

“Restoring damaged energy assets to full capacity is both costly and takes a long time,” the group’s ministerial monitoring committee said in a statement after meeting on Sunday. Any action that jeopardizes security of supply, whether that’s an attack on infrastructure or disruption of export routes, increases market volatility and weakens OPEC+’s efforts, it said.

Key producers led by Saudi Arabia and Russia agreed to ...