OPEC+ may consider larger oil output boost, sources say after Israel-U.S. strikes on Iran

OPEC+ may consider a significant oil output increase amid rising tensions following the U.S.-Israeli strikes on Iran.

OPEC+ may ​consider a larger than planned output increase on Sunday (March 1, 2026), two ‌sources close to talks said, and leading producers ​Saudi Arabia and the UAE have already ⁠raised exports in anticipation of possible oil disruption from the U.S.-Israeli attack on Iran.

Eight members of the grouping of ‌the Organisation of the Petroleum Exporting Countries and allies — Saudi Arabia, Russia, the UAE, Kazakhstan, ‌Kuwait, Iraq, Algeria and Oman — were already scheduled ‌to ⁠meet on Sunday (March 1, 2026) at 1100 GMT.

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Delegates earlier ⁠said they would likely agree to a modest increase of 1,37,000 barrels per day in oil output for April, as the group ​readies for summer ‌demand, led by the U.S. driving season, and as crude prices had risen on expectations of a U.S. attack on Iran, which happened on Saturday (February 28, 2026).

An ‌April increase would end a three-month pause ​in output hikes.

The size of any larger hike has yet to be discussed, one ⁠of the sources said. Both sources declined to be identified by name.