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Opec+ agrees on modest oil output boost
Financial Express Mumbai
|March 02, 2026
A modest oil output boost of 206,000 barrels per day for April on Sunday just as the US-Israeli war on Iran and Tehran's retaliation disrupted oil flows from key members of the producer group in West Asia.
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Opec+ has a history of raising oil output to cushion disruptions but analysts said the group currently has little spare capacity.
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. Oil, gas and other shipments from West Asia via the Strait of Hormuz have come to a halt since Saturday after shipowners received awarning 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.
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