Key members of the OPEC+ oil cartel will discuss production quotas for next month on Sunday as the US-Israel war against Iran roils global oil markets.
The eight-strong V8 group in the alliance, which includes major oil producers Saudi Arabia and Russia – as well as several Gulf states that have been hit by Iran’s retaliatory airstrikes – will decide whether to raise output as prices rise.
Last month, the group announced a higher-than-expected increase in production quotas by 206,000 barrels per day (bpd).
Since the start of the war on February 28, Iran has virtually closed the crucial Strait of Hormuz. Before the war, about a fifth of global oil and liquefied natural gas (LNG) passed through the strait.
(sma)
