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The OPEC+ alliance, in which Saudi Arabia is a key member, is leaning toward resuming its planned increases in oil output starting in April, following a period of unchanged production levels for March. This potential shift in policy was discussed by Saudi Arabia's Crown Prince and Russian President Putin, who noted high volatility in the oil market due to geopolitical risks. The discussions underscored ongoing cooperation within the group.
Regional tensions were heightened by Iran's seizure of two foreign oil tankers in the Persian Gulf. In response to a separate military strike on Iran, OPEC+ is reportedly considering a larger increase in oil production than previously planned. This potential expansion of the output boost is being evaluated by the organization's sources and delegates.
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Feb 28
OPEC+ considers oil production increases, potentially larger after Iran attackOPEC+ is expected to consider resuming modest increases in oil output at its upcoming meeting, with sources indicating a potential hike of around 137,000 barrels per day. Following a military strike on Iran, the organization is reportedly considering a larger production increase in response to the attack. The discussions reflect the group's assessment of market conditions and geopolitical developments affecting global oil supply.