Two OPEC+ sources said the alliance will likely consider a further increase in oil production when eight of its members meet next Sunday, a move that would allow major producers to ramp up output if the Strait of Hormuz, the world’s most important oil chokepoint, which is currently closed due to the US-Israeli standoff with Iran, is reopened.
At its last meeting on March 1, the alliance agreed to a modest production increase of 206,000 barrels per day for April, after keeping output steady in the first quarter amid concerns about oversupply, as Iran’s war began to disrupt oil flows from key Middle Eastern members.
