OPEC+ Considering Larger Increase Following Iran Attack, According to Delegate

OPEC+ Considers Boosting Oil Output Amid Escalating Middle East Tensions

Photo Credit: Atta Kenare/AFP/Getty Images

As the United States and Israel launched strikes against Iran, OPEC+ is weighing the possibility of a more substantial increase in oil production when its leading members convene on Sunday, according to sources familiar with the matter.

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Earlier this week, several delegates indicated that the coalition, led by Saudi Arabia and Russia, had planned to resume gradual output hikes in April following a three-month pause. In the final quarter of last year, OPEC+ had been steadily increasing production by 137,000 barrels per day each month as part of a broader effort to regain lost market share.

The recent military actions and Iran’s retaliatory stance have heightened concerns that have been building throughout the year, contributing to a surge in oil prices despite forecasts of excess supply. On Friday, oil futures in London reached $73 per barrel, the highest in seven months, marking a 19% rise since the start of the year due to various supply disruptions, sanctions, Chinese stockpiling, and fears of further conflict.

President Donald Trump announced that the US is engaged in “major combat operations” against Iran, following Israeli “preventive” airstrikes on Iranian targets