OPEC+ has agreed to pump more oil. The cartel will increase production by 206,000 barrels per day starting in April. Delegates confirmed the decision on Sunday.
Saudi Arabia and Russia lead the group. They paused production hikes during the first quarter. Now they want to boost supply again.
The timing is significant. The US and Israel just launched strikes on Iran. Those attacks threaten to send oil prices soaring. OPEC+ wants to prevent a massive price rally.
The 206,000 barrel increase will hit markets next month. Key members pushed for the hike despite rising tensions in the Middle East. They spoke anonymously because talks remain private.
Iran’s conflict with the US and Israel creates serious supply risks. OPEC+ hopes extra production will calm jittery markets. The group had stopped increasing output earlier this year.
This move signals confidence that markets can handle more crude. It also shows OPEC+ is worried about prices spiking too high during the war.
