OPEC+ Oil Output Boost Under Review After Saudi, UAE Raise Exports
The OPEC+ output boost is back in focus ahead of a key meeting on Sunday. Sources say the group may approve a bigger rise in production than planned. This move comes after OPEC+ members Saudi Arabia and United Arab Emirates increased exports. They acted early to reduce risks after U.S.-Israeli strikes on Iran.
Bigger Hike Under Discussion
Eight major producers will meet at 1100 GMT. The group includes Russia, Kazakhstan, Kuwait, Iraq, Algeria, and Oman. Earlier, delegates signaled a modest rise of 137,000 barrels per day for April. However, sources now say leaders may approve 411,000 barrels per day instead. One insider even mentioned a possible 548,000 barrels per day increase. If confirmed, this step would end a three month pause in supply hikes. Therefore, markets are watching closely.
Rising Prices and Supply Fears
Oil prices have climbed this year. Traders fear tension between Iran and the United States could disrupt shipments through the Strait of Hormuz. On Friday, Brent crude touched $73 per barrel. That marked its highest level since July. As a result, producers now face pressure to stabilize supply. Despite oversupply concerns, prices remain firm. In addition, summer demand is approaching, led by U.S. driving season demand.
Exports Already Increasing
Evidence shows that top Gulf producers have already raised shipments. For example, Abu Dhabi plans to export more Murban crude in April. Saudi Arabia has also lifted production under a contingency plan. Officials want to prevent sudden shortages if tensions rise further. The eight producers had earlier increased quotas by 2.9 million barrels per day from April to December 2025. That figure equals about 3% of global demand. However, they paused further hikes from January to March 2026 due to weaker seasonal demand. Now, the upcoming decision could shape market direction for months. Investors, businesses, and consumers alike await clarity.
