OPEC+ could consider a larger increase in oil production, according to sources after the Iran strike
Two sources said that OPEC+ could consider a bigger than planned 'output increase' on Sunday. Leading producers Saudi Arabia and?UAE had already boosted exports to prepare for a possible oil disruption due to the U.S. - Israel attack on Iran.
The eight members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, Saudi Arabia, Russia and the UAE were already scheduled to meet at 1100 GMT on Sunday. The delegates had earlier stated that they would likely agree to an increase in the oil production of 137,000 barrels a day for April as the group prepares for the summer driving season and the U.S. demand.
A rise in April would bring an end to a three-month hiatus.
One source said that the size of any future hike is still to be determined. Both sources refused to give their names.
Bloomberg News reported earlier that OPEC+ was considering a larger hike.
A READY-MADE INCREASE IN OUTPUT IS NOW UNDERWAY? There is evidence that the largest Middle East oil producers have already increased exports, as the U.S. has been threatening to strike Iran and disrupting oil exports.
Two trade sources confirmed on Friday that Abu Dhabi, the UAE oil producer, will export more Murban?crude this April.
Sources told this week that Saudi Arabia has increased its oil exports and production as part of the contingency plan for OPEC's leading producer.
Eight OPEC+ countries raised their production quotas from April to December 2025 by approximately 2.9 million bpd, or roughly 3% global demand. They then paused further increases between January and March 2026 because of seasonal weakness. (Editing by Barbara Lewis).
(source: Reuters)
