Amid growing concerns about a spike in oil prices after full-scale strikes on Iran by the United States and Israel, eight members of the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, a group of major oil producers, plan to consider a larger-than-expected increase in crude output, Reuters reported.
According to Reuters, OPEC+ members may discuss boosting crude production by more than planned at a meeting set for the 29th. The meeting had already been scheduled before the U.S. and Israeli strikes on Iran.
Earlier, OPEC+ delegates said there was a chance they could agree to end a three-month pause on increases and raise April crude production to 137,000 barrels per day. The move is to prepare for higher summer demand and address the rise in oil prices following the possibility of a U.S. strike on Iran.
Reuters said Saudi Arabia and the United Arab Emirates (UAE) have already increased crude output in anticipation of potential strikes on Iran.
A Saudi source said crude production and exports were raised as part of a contingency plan. UAE trade sources also said the UAE will increase exports of Murban, its main crude grade, starting in April.