LONDON, Mar 01 (AFP): 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 Sunday, analysts say.
The virtual meeting by the eight members of the Organization of the Petroleum Exporting Countries and allied nations (OPEC+) known as the "Voluntary Eight" (V8) comes a day after the US and Israel launched an ongoing wave of strikes on Iran.
Last year, the V8 group-comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman-boosted production by around 2.9 million barrels per day (bpd) in total before announcing a three-month pause in output hikes. But now the picture has changed dramatically.
Even before the conflict erupted on Saturday, the market had already priced in a growing geopolitical risk premium over months of US military build-up in the region.
Meanwhile, brent crude jumped 10 per cent to about $80 a barrel over the counter on Sunday, oil traders said, while analysts predicted that prices could climb as high as $100 after US and Israeli strikes on Iran plunged the Middle East into a new war. The global oil benchmark has rallied this year and reached $73 a barrel on Friday for its highest since July, buoyed by growing concern over the potential attacks that arrived a day later.
OPEC+ mulls oil production increase in shadow of war
Oil prices jump 10pc on Iran conflict
FE Team | Published: March 02, 2026 01:01:29
OPEC+ mulls oil production increase in shadow of war
Share if you like