OPEC+ Weighs Substantial Oil Output Increase Amidst Geopolitical Tensions

OPEC+ is currently deliberating a considerable increase in oil production, potentially boosting output by 411,000 barrels per day. The discussions follow recent military actions by the U.S. and Israel against Iran, which have contributed to heightened geopolitical tensions.

Originally, members of the Organization of the Petroleum Exporting Countries and their allies, including Russia, were set to consider a modest rise of 137,000 barrels per day. This adjustment was to accommodate anticipated summer demand, as well as recent spikes in crude oil prices.

Unexpected military developments have led two inside sources, who requested anonymity, to state that the larger output increase is now on the table as OPEC+ meets to finalize its strategy.