OPEC+ has agreed in principle to a modest oil output increase of 206,000 barrels per day (bpd) following shipment disruptions caused by US-Israeli strikes on Iran and subsequent retaliatory actions, according to a statement after their monthly video conference on Sunday. The decision, reached during a Sunday meeting of eight key members, followed debates on options ranging from 137,000 bpd to 548,000 bpd. Sources told Reuters that Riyadh has been increasing oil production and exports in recent weeks in anticipation of US strikes on Iran. Middle East leaders have warned Washington that a war on Iran could push oil prices above $100 per barrel, according to Helima Croft, a veteran OPEC analyst at RBC. Croft stated that the market impact of any significant increase in OPEC output would be limited due to a lack of production capacity outside of Saudi Arabia.

Source: Daily News Egypt March 01, 2026 14:40 UTC