Oil, gasoline and different shipments from West Asia by way of the Strait of Hormuz have come to a halt since February 28, 2026. File
| Picture Credit score: Reuters
OPEC+ has agreed in precept to a modest oil output enhance on Sunday (March 1, 2026), 5 OPEC+ sources mentioned, after the U.S.-Israeli strikes on OPEC+ member Iran and Tehran’s retaliation led to cargo disruptions in West Asia.
OPEC+ has a historical past of elevating oil output to cushion disruptions however analysts mentioned the group presently has little spare capability to add to provide, apart from its chief Saudi Arabia and the United Arab Emirates, who can even wrestle to export oil till navigation within the Gulf returns to regular. Riyadh has been elevating oil manufacturing and exports in latest weeks in preparation for U.S. strikes on Iran, sources have advised Reuters.
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Oil, gasoline and different shipments from West Asia by way of the Strait of Hormuz have come to a halt since Saturday (February 28, 2026) after shipowners obtained a warning from Iran saying the realm was closed for navigation.
OPEC+ has agreed in precept to elevate manufacturing by 2,06,000 barrels per day after having debated choices starting from 1,37,000 bpd to five,48,000 bpd, the 5 sources advised Reuters on Sunday (March 1, 2026).
Oil costs jumped on Friday (February 27, 2026) to $73 per barrel, the best degree since July, on fears of a wider battle in West Asia and provide disruptions by means of Hormuz, the world’s most essential oil route amounting to over 20% of worldwide oil transit.
Leaders within the area have warned Washington {that a} warfare on Iran might result in oil costs leaping to over $100 per barrel, mentioned veteran OPEC analyst Helima Croft from RBC. Analysts from Barclays additionally mentioned costs might rise to $100.
Croft mentioned the market affect from any massive OPEC output enhance will likely be restricted as a result of an absence of precise manufacturing capabilities outdoors Saudi Arabia.
The assembly on Sunday (March 1, 2026) concerned solely eight members of OPEC+ — Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman. OPEC+ teams the Group of the Petroleum Exporting Nations and allies like Russia however most manufacturing modifications previously years have been achieved by the eight members.
The eight members raised manufacturing quotas by about 2.9 million bpd from April by means of December 2025, roughly 3% of worldwide demand, earlier than pausing will increase for January to March 2026 as a result of seasonal weak point.
Revealed – March 01, 2026 09:38 am IST