OPEC’s response to the Hormuz crisis was to add 206,000 barrels a day of extra supply.

20 million barrels a day go through that strait. They announced 1% of the problem.
But even that misses the real issue. The countries with spare production capacity (Saudi, UAE) their oil still has to exit through the same blocked waterway. They have pipelines that bypass it, but those pipelines can handle maybe 2.6 million barrels a day combined. Iraq has no bypass at all and is already offline.
So the playbook everyone’s relying on (OPEC turns on the taps, gap gets filled) only works if the oil can actually move. Right now it can’t. Tankers are avoiding the strait, insurers have pulled coverage, and rerouting around Africa adds 2 weeks minimum to every delivery.
The market jumped 8-13% this week. Goldman predicts $100 if this lasts five weeks. Both of those numbers assume the supply response actually reaches refineries.
It doesn’t matter how much oil Saudi can produce if there’s no way to ship it.