Amid tensions over Iran, OPEC+ will decide its April production
Iran at war. EFE/EPA/ABEDIN TAHERKENAREH Photo: EFE/EPA/ABEDIN TAHERKENAREH
TL;DR
- Eight key OPEC+ ministers from Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman will discuss April oil production quotas via teleconference.
- These countries had reversed many of their voluntary production cuts implemented since 2023, with an agreement to maintain this until March.
- Speculation of a modest increase of 137,000 barrels per day has been overshadowed by the US attack on Iran, creating market uncertainty.
- Iran's production is significant, and its ability to control the Strait of Hormuz, a crucial oil transit route, poses a major risk to global supply.
- Geopolitical tensions have already caused oil prices to rise, with Brent crude reaching $73 per barrel, its highest since July.