OPEC+ hikes oil production by more than expected following outbreak of Iran war
The Straits Times
The cartel is raising its output 206,000 barrels per day (bpd), which analysts say may not be enough. Read more at straitstimes.com.
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LONDON – Key members of the OPEC+ oil cartel announced a greater-than-expected increase to production quotas on March 1 following US and Israeli strikes on Iran that triggered retaliation by Tehran across the Middle East.
The eight-strong V8 (Voluntary Eight) group in the alliance, which includes key oil producers Saudi Arabia and Russia, as well as several Gulf states bearing the brunt of Tehran’s missile strikes, said they have agreed on a “production adjustment” of 206,000 barrels per day (bpd).
“This adjustment will be implemented in April,” they said in a statement.
The text did not explicitly mention the outbreak of the Iran conflict. It instead cited “a steady global economic outlook and current healthy market fundamentals” as their reasons for the increase.
Before the weekend’s meeting, experts had forecast a more modest increase of 137,000 bpd.
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