OPEC+ may consider larger oil output boost, sources say after Israel-U.S. strikes on Iran

OPEC+ may ​consider a larger than planned output increase on Sunday (March 1, 2026), two ‌sources close to talks said, and leading producers ​Saudi Arabia and the UAE have already ⁠raised exports in anticipation of possible oil disruption from the U.S.-Israeli attack on Iran.

Eight members of the grouping of ‌the Organisation of the Petroleum Exporting Countries and allies — Saudi Arabia, Russia, the UAE, Kazakhstan, ‌Kuwait, Iraq, Algeria and Oman — were already scheduled ‌to ⁠meet on Sunday (March 1, 2026) at 1100 GMT.

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Delegates earlier ⁠said they would likely agree to a modest increase of 1,37,000 barrels per day in oil output for April, as the group ​readies for summer ‌demand, led by the U.S. driving season, and as crude prices had risen on expectations of a U.S. attack on Iran, which happened on Saturday (February 28, 2026).

An ‌April increase would end a three-month pause ​in output hikes.

The size of any larger hike has yet to be discussed, one ⁠of the sources said. Both sources declined to be identified by name.

Bloomberg News earlier reported that OPEC+ would consider ‌a bigger hike, citing a delegate.

Output increase is already underway?

Evidence has mounted that the biggest West Asia producers have already boosted exports as concern had been building the U.S. would strike Iran, raising the risk of disruption of oil exports.

UAE oil ‌producer Abu Dhabi is set to export more of its flagship ​Murban crude in April, two trade sources said on Friday (February 27, 2026).

Saudi Arabia has increased its ⁠oil production and exports as part of the leading OPEC ⁠producer’s contingency plan, sources told Reuters this week.

The eight OPEC+ members raised production quotas by ‌about 2.9 million bpd from April through December 2025, roughly 3% of global demand, before pausing further ​increases for January to March 2026 due to seasonal weakness.