AUSTRIA, Mar 2 – The OPEC+ alliance has agreed to increase oil production by 206,000 barrels per day from April after a meeting of key member countries.
The decision was reached on Sunday by eight core producers, including Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria, and Oman. The group said the increase represents less than 0.2 percent of global oil supply.
Meanwhile, the adjustment comes as supply flows face disruptions linked to escalating tensions involving Iran. The conflict has affected shipments through the Strait of Hormuz, a key route for global energy exports.
About 20 million barrels of crude oil and fuel pass daily through the strait, which serves major exporters including Saudi Arabia, Iraq, Kuwait, Qatar, and Iran. As a result, any disruption in the corridor has continued to influence global oil prices and shipping costs.
In response to supply concerns, Brent crude increased by 3.66 percent to about $73 per barrel on Saturday.
However, some producers maintain alternative export routes. Saudi Arabia and the United Arab Emirates operate pipelines that bypass the Strait of Hormuz, although available capacity remains limited compared with volumes typically shipped through the route.
At the same time, OPEC+ had previously outlined plans to raise output by about 2.9 million barrels per day between April and December 2025, equivalent to roughly 3 percent of global demand. The group paused further increases between January and March 2026 due to weaker seasonal demand.
