OPEC+ Eyes Output Increase Amidst US-Iran Tensions

OPEC+ is considering a substantial increase in oil production, targeting 137,000 barrels per day for April. The potential rise comes as the group anticipates a surge in summer demand and braces for price fluctuations due to escalating tensions between the U.S. and Iran.

Representatives from eight OPEC+ nations, including Saudi Arabia, Russia, and the United Arab Emirates, plan to meet on March 1st. Concurrently, Saudi Arabia has a contingency plan to temporarily boost oil output and exports should a U.S. strike on Iran affect Middle Eastern oil flows, according to informed sources.

The possibility of a 137,000 bpd rise mirrors previous increments and counters concerns of a supply glut while stabilizing global oil prices, as Brent crude hovers near its highest price since July. Despite the diplomatic uncertainty, OPEC+ continues to play a pivotal role in the global energy landscape.