OPEC+ may consider increasing oil production more than previously planned when major producers meet on Sunday, Reuters reported, citing two sources close to the talks, as Gulf exporters move to protect markets from potential supply disruptions following US-Israeli strikes on Iran.The eight members of the oil alliance – Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman – are scheduled to meet at 1100 GMT to review production levels amid growing geopolitical uncertainty.Earlier, delegates indicated that the group was likely to agree to a modest increase of 137,000 barrels per day for April. The proposed increase is intended to prepare for stronger demand in the summer, especially from the US driving season, and will mark the end of a three-month pause in production increases.
But one source said that in the wake of the air strikes on Iran, the possibility of a larger increase was now being discussed, although the size of any additional increase had not yet been determined. Both sources refused to reveal their identities.Bloomberg News previously reported that OPEC+ would consider a larger increase, citing a delegate.
Prices rise despite fears of oversupply
Despite previous expectations that increased supply could pressure prices, the price of crude oil has risen this year with markets pricing in the risk that a conflict between Iran and the United States could disrupt Middle Eastern shipments through the Strait of Hormuz.
The price of oil reached $73 a barrel on Friday, its highest level since July.
Gulf exporters are already boosting their shipments
Market signals indicate that some producers have already ramped up their exports in anticipation of possible supply disruptions. Trade sources told Reuters that Abu Dhabi is preparing to export larger quantities of its main Murban crude oil in April.Sources told Reuters earlier this week that Saudi Arabia had also increased production and exports as part of contingency planning linked to concerns that escalating tensions could affect regional oil flows.The eight OPEC+ members had previously raised production quotas by about 2.9 million barrels per day from April to December 2025 – nearly 3 percent of global demand – before halting additional increases for the period from January to March 2026 due to seasonal weakness.The outcome of Sunday’s meeting is expected to indicate how the alliance will balance geopolitical risks and manage supplies as global oil markets remain on the brink.
