OPEC+ Surprises With Major Output Hike

March 1, 2026

(FILES) This general view shows the logo of the Oil Producing Exporting Countries (OPEC) which adorns the organisation's headquarters in Vienna on October 4, 2022. Key members of the OPEC+ oil cartel announced a greater-than-expected increase to production quotas on March 1, 2026, following US and Israeli strikes on Iran that triggered retaliation by Tehran across the Middle East. The eight-strong V8 (Voluntary Eight) group in the alliance, which includes key oil producers Saudi Arabia and Russia -- as well as several Gulf states bearing the brunt of Tehran's missile strikes -- said they had agreed a "production adjustment" of 206,000 barrels per day (bpd). (Photo by JOE KLAMAR / AFP)

OPEC+ on Sunday announced a bigger-than-expected increase in oil production quotas, following heightened tensions in the Middle East after US and Israeli strikes on Tehran and subsequent Iranian retaliation.

The alliance, which includes major oil producers such as Saudi Arabia and Russia, agreed to a production adjustment of 206,000 barrels per day.

According to a statement released by the group, the increase will take effect in April. While the statement did not directly reference the escalating conflict involving Iran, OPEC+ cited “a steady global economic outlook and current healthy market fundamentals” as justification for the move.

An oil tanker is pictured offshore in Dubai on March 1, 2026. As a fresh Middle East conflict risks sending oil prices sharply higher, Saudi Arabia, Russia and six other key members of the OPEC+ alliance are widely expected to announce an output increase on March 1, analysts say. (Photo by Fadel SENNA / AFP)

Several Gulf member states of the alliance have been directly affected by Tehran’s retaliatory strikes across the region.

The decision signals an effort by the oil-producing bloc to stabilise markets amid geopolitical uncertainty, as energy traders closely monitor supply risks stemming from the conflict.

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