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Opec+ agrees...
March 02, 2026
|Financial Express Chandigarh
RIYADH HAS BEEN increasing oil production and exports in recent weeks by around 500,000 bpd in preparation for US strikes on Opec+ member Iran,sources have told Reuters.
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Oil, gas and other shipments from West Asia via the Strait of Hormuz have come to a halt since Saturday after shipowners received a warning from Iran saying the area was closed for navigation. Hundreds of ships dropped anchor and were not moving on Sunday and several ships came under attack. Hormuz is the world's most important oil route accounting for over 20% of global oil transit.
Opec+'s output increase is unlikely to calm markets, said Jorge Leon, a former Opec official who now works as head of geopolitical analysis at Rystad Energy.
"Prices will respond to developments in the Gulf and the status of shipping flows, not to a relatively small increase in output."
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