The OPEC+ alliance is set to consider a larger-than-expected increase in oil supplies during its meeting on Sunday, according to a delegate, following US and Israeli air strikes on targets inside Iran. The potential shift in production strategy comes as military escalation threatens global energy flows. In the eastern Mediterranean, the Israeli Energy Ministry’s decision to shut down gas facilities has raised concerns over regional energy stability. Iran currently produces approximately 3.3m bpd, representing 3% of global output and making it the fourth-largest producer in OPEC. Historical precedents of infrastructure attacks, such as the 2019 strike on Saudi Arabia’s Abqaiq plant which halted 7% of global supply, continue to influence market risk premiums.

Source: Daily News Egypt February 28, 2026 16:53 UTC