OPEC+ has agreed in principle to raise oil output targets by about 188,000 barrels per day in June, the third consecutive monthly increase, pressing on with plans despite the war and the departure of the United Arab Emirates from the group this week , according to Reuters. The output hike will remain largely symbolic until shipping through the Strait of Hormuz reopens, and even then, it will take several weeks, if not months, for flows to normalize , oil executives and traders told the news agency.

The seven members meeting on Sunday are Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman , Reuters reported. The disruption propelled oil prices to a four-year high this week, above $125 per barrel, as analysts begin to predict widespread jet fuel shortages in one to two months and a spike in global inflation . According to market data, WTI crude traded at $71.50 per barrel on Friday, up 0.6%, while Brent crude stood at $75.20, up 0.5%.

The production increase comes as almost no shipping has used the strait and it remains effectively closed despite a conditional ceasefire, according to the UK House of Commons Library. Since 13 April, the US has blockaded Iranian ports, leading to a "dual blockade" of the strait , Wikipedia reports, with a Dallas Fed Energy survey of oil and gas executives finding nearly 80% believe the strait will not reopen until August or later .

BP's New CEO Doubles Down on Oil and Gas

As she sat down to pen her first email to BP's 100,000 staff, Meg O'Neill opted against sparing the radical rhetoric. To the American oil and gas thoroughbred, who had just become the first ever female chief executive of a British energy major, there was only one course available to her new employer should it wish to avoid extending its more-than-decade-long spell of financial mediocrity , OilPrice.com reported.

During the first three months of 2026, profit at the group more than doubled, far exceeding both its own estimates and the expectations of analysts. Buoyed by the historic turmoil in oil and gas markets caused by the regional conflict in the Middle East, its trading desk, which thrives in volatile markets, posted profit before tax of $3.2bn; its best quarter since Russia's Ukraine invasion .

BP announced that the bp Board has appointed Meg O'Neill as bp's next chief executive officer, effective 1 April 2026 , according to the company's official statement. Since her appointment as CEO in 2021, Meg O'Neill has grown Woodside Energy into the largest energy company listed on the Australian Securities Exchange. Among her many accomplishments at Woodside Energy, she oversaw the transformative acquisition of BHP Petroleum International, creating a geographically diverse business with a portfolio of high-quality oil and gas assets .

BP remains resolute in its pivot back toward core oil and gas operations, a shift under way since 2023; O'Neill is now tasked with accelerating and optimizing that strategy , Energy Intelligence reported.

China Reopens Fuel Export Spigot as Asia Runs Short

Beijing is reversing its curbs on refined fuel exports after halting shipments in the opening days of the U.S.-Iran conflict. This move suggests that Chinese domestic inventories are now at comfortable levels, allowing state refiners to reopen the export spigot, even as much of Asia remains gripped by a fuel shock caused by disrupted Gulf energy flows through the Hormuz chokepoint , OilPrice.com reported.

Bloomberg reported that state-owned refiners had received government approval to export 500,000 tons of fuel next month. People familiar with the upcoming shipments said the one-off quota would allow gasoline, diesel, and jet fuel to be sent to neighboring Asian countries, providing relief amid a worsening fuel crunch .

The reversal comes after China's decision to halt exports of diesel, gasoline, and jet fuel until at least the end of March deepened fuel shortages across Asia, compounding the disruption caused by the U.S.-Israel war on Iran , according to Modern Diplomacy. China provided roughly a third of Australia's jet fuel last year and about half of the Philippines' and Bangladesh's supply in 2024 .

Brazil's Petrobras Hikes Gas Prices 19%

Petrobras announced on Saturday an increase of 19.2% in the price of natural gas sold to distributors starting May 1, marking the latest in a series of energy adjustments related to the war between the US and Israel against Iran , CNN Brasil reported.

The company updates natural gas prices quarterly, with adjustments linked to Brent oil costs, exchange rates, and Henry Hub benchmarks in the US . According to the state-owned company, during the measurement period, the Brent oil reference rose approximately 24.3%, the Henry Hub reference fell approximately 14.1%, and the exchange rate appreciated 2.5% .

According to market data, Henry Hub natural gas traded at $3.25 per MMBtu on Friday, down 2.4% from the previous session.

Iraq Eyes Quick Recovery Once Crisis Ends

Iraq says oil output and exports can recover within a week once the Hormuz crisis ends , Reuters reported. The statement signals optimism from Gulf producers that production can be restored relatively quickly once the waterway reopens, though oil executives from the Gulf and global oil traders have said it will take several weeks, if not months, for flows to normalize .

The energy market disruption has created winners and losers across the globe. OilPrice.com reported that Russia's oil revenues are surging as the world scrambles for alternative supply, while the International Energy Agency has characterized the situation as the "largest supply disruption in the history of the global oil market" .