OPEC+ weighs bigger oil output hike as US–Iran war disrupts shipments: Report

Logo of OPEC

OPEC+ will discuss on Sunday increasing oil production by more than previously expected after the US-Israeli war on Iran and Tehran’s response led to shipment disruptions in the Middle East, Reuters reported, citing two sources from the alliance.

The sources said Saudi Arabia has already increased its crude oil production and exports in recent weeks in anticipation of potential US strikes on Iran.

They added that OPEC+ will consider raising output by 411,000 barrels per day (bpd) or more at today’s meeting—significantly higher than the original expectation of a 137,000 bpd increase.

The United States and Israel launched their military operations against Iran on Feb. 28, carrying out air and naval missile strikes on facilities and targets inside Iran.

In response, Iran launched multi-directional attacks on Israeli bases and targets, as well as on sites in Gulf countries.

Reuters also reported that some major oil and trading companies have suspended crude oil and fuel shipments through the Strait of Hormuz amid the ongoing US and Israeli attacks on Iran and Tehran’s retaliatory strikes.