OPEC+ may consider larger oil output increase

OPEC+ is likely to consider a larger oil production increase of 411,000 barrels per day at its upcoming meeting, two sources familiar with the group’s position said, after the United States and Israel launched military strikes against Iran.

Eight members of the Organization of the Petroleum Exporting Countries and their allies, including Russia, were already scheduled to meet on Sunday.

Delegates had previously said the eight were likely to agree on a modest increase of 137,000 barrels per day for April, as the group prepares for Northern Hemisphere summer demand and as crude prices had risen on expectations of a U.S. attack on Iran, which began on Saturday.

Both sources said a 411,000-barrel-per-day increase is now under consideration.