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OPEC+ hikes oil production by more than expected following outbreak of Iran war

World News

01-03-2026 | 07:04

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OPEC+ hikes oil production by more than expected following outbreak of Iran war

OPEC+ announced a greater-than-expected increase to the cartel's oil production quotas on Sunday, after U.S. and Israeli strikes on Tehran triggered Iranian retaliation across the Middle East.

The group, which includes key oil producers Saudi Arabia and Russia -- as well as several Gulf states bearing the brunt of Tehran's strikes -- "agreed on a production adjustment of 206 thousand barrels per day."

"This adjustment will be implemented in April," the cartel said in a statement, which did not mention the outbreak of the Iran conflict but cited "a steady global economic outlook and current healthy market fundamentals" as reasons for the increase.

AFP

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