OPEC+ considers ‘larger-than-expected output increase’ amid concerns over an oil supply shock

As the Middle East conflict sparked by U.S. and Israeli airstrikes on Iran continues, Reuters reported on the 28th (Korea time) that eight countries in OPEC+—a grouping of the Organization of the Petroleum Exporting Countries and major oil-producing nations—are considering raising output.

According to sources, OPEC+ member states are scheduled to meet on the 29th and plan to discuss increasing oil production by more than previously planned. Earlier, OPEC+ delegates said it was possible they would agree to raise April crude output by 137,000 barrels per day.

Bloomberg also reported that OPEC+ is expected to discuss expanding the scale of the output increase at this meeting.

Brent crude settled at $73 a barrel on the London ICE Futures exchange on the 27th, marking its highest level in about seven months. So far this year, Brent has risen about 19%.