AFP, Vienna

The Opec+ oil cartel agreed on Sunday to again increase oil production quotas, while warning that repairing energy facilities, such as those damaged in the Middle East war, is “costly and takes a long time”.

For the second month in a row, Opec+ countries -- which include key oil producers Russia and Saudi Arabia, as well as several Gulf countries that have been targets of Iranian airstrikes -- agreed to raise quotas by 206,000 barrels per day (bpd) from May.

But Opec+ warned that damage to energy infrastructure increases oil market volatility, potentially hitting global supplies well into the future.

Its statement also stressed “the critical importance of safeguarding international maritime routes to ensure the uninterrupted flow of energy”.

The text did not mention the Iran war directly, but the conflict -- which has roiled global energy markets and caused prices to surge -- clearly weighed on the decision.