On Sunday, OPEC+ agreed to boost oil output by 206,000 barrels per day for April just as the U.S.-Israeli war on Iran and Tehran’s retaliation disrupted oil flows from key members of the producer group in the Middle East. It had debated options ranging from 137,000 bpd to 548,000 bpd, according to five sources. The agreed increase, which brings an end to a three-month pause in production hikes, represents less than 0.2% of global supply. The meeting on Sunday involved only eight members of OPEC+ – Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman. OPEC+ groups the Organization of the Petroleum Exporting Countries and allies like Russia but most production changes in the past years have been done by the eight members. Iran, perhaps understandably, was missing. The eight members raised production quotas by about 2.9 million bpd from April through December 2025, roughly 3% of global demand, before pausing increases for January to March 2026 due to seasonal weakness. OPEC+ has traditionally raised oil output to cushion disruptions but analysts quoted by Reuters, said the group currently has little spare capacity to add to supply, except for its leader Saudi Arabia and the United Arab Emirates, which will also struggle to […]