NEW DELHI, April 6 -- Oil prices have been on the boil since the war between the US, Israel and Iran broke out on 28 February. To ease supply concerns and prices of over $100 per barrel, the Organization of Petroleum Exporting Countries (OPEC) and its allies including Russia, together known as OPEC+, agreed to increase production in May. Mint looks at how the proposed rise in output might impact global prices.

With the blockade of the Strait of Hormuz, about 20% of global energy supplies from Gulf countries has been almost fully cut off for over a month. Supplies from Russia and Iran are flowing due to temporary waivers on sanctions imposed by the US. Global demand for oil from the two countries and alternative sources in Africa and Sout...