Against the backdrop of massive American-Israeli strikes on Iranian facilities, OPEC+ countries are considering an emergency expansion of oil production to stabilize the global market. Saudi Arabia and the UAE have already begun to increase export capacities as part of emergency action plans, anticipating possible supply disruptions through the Strait of Hormuz. This is reported by Reuters, writes UNN.
Details
Reuters sources report that instead of the initial 137,000 barrels per day, OPEC+ participants may agree to increase production by 411,000 barrels, and under certain conditions – even up to 548,000 barrels.
This move is intended to end a three-month pause in production growth and meet growing summer demand in the US amid geopolitical instability. As the price of Brent crude has already exceeded $73 per barrel, the largest exporters are seeking to reassure traders and compensate for potential losses in Iranian exports.
Preventive measures by Saudi Arabia and the Emirates in the oil market
The largest producers in the Middle East have actually already started to act proactively, increasing their oil shipments even before the official announcement of the meeting's results.
Oil prices could rise to $80 a barrel due to war in Iran - Reuters28.02.26, 17:12 • [views_11551]
In particular, the UAE is preparing for record deliveries of Murban crude in April, and Saudi Arabia has activated reserve capacities to ensure uninterrupted supply to global needs.
The eight member countries of the alliance are trying to find a balance between preventing an oversupply and the need to eliminate panic caused by a direct military confrontation in a key energy-producing region of the planet.
Iran closed passage for ships through the Strait of Hormuz - Media28.02.26, 19:23 • [views_11015]