[US Strikes Iran] OPEC+ Faces Supply Disruption Fears... "Production Increase Likely to Expand"

Eight member countries of OPEC+, the Organization of the Petroleum Exporting Countries and its allies, are reportedly set to increase oil production by a larger margin than previously expected. This news emerged after the United States and Israel launched a full-scale airstrike against Iran on February 28 (local time).

According to Reuters on February 28 (local time), sources familiar with the matter said that OPEC+ member states are scheduled to hold a meeting on February 29, and there is a possibility that they will discuss increasing oil production by a greater amount than originally planned. Bloomberg also reported on the same day that the expansion of the production increase would be discussed at the same meeting.

Previously, OPEC+ delegates told the media that there is a possibility they will agree to end the three-month suspension of output increases and raise oil production by 137,000 barrels per day in April. This move is intended to prepare for higher summer demand and is also a response to rising oil prices due to the possibility of a U.S. attack on Iran.

From April to December last year, OPEC+ member states increased their oil production quota to about 2.9 million barrels per day, which is approximately 3% of global demand. However, due to decreasing demand, they did not pursue additional production increases from January to March this year.

Meanwhile, according to Bloomberg, despite concerns about oversupply, the price of oil has risen by 19% so far this year due to the possibility of a U.S. attack on Iran, production disruptions, and China's accumulation of crude oil inventories. On February 27, the price of Brent crude on the London ICE Futures Exchange climbed to $73 per barrel, marking a seven-month high.

This content was produced with the assistance of AI translation services.