VIENNA: Key members of the Opec+ oil cartel will on Sunday discuss production quotas for next month as the US-Israeli war against Iran unsettles global oil markets.
The eight-strong V8 (Voluntary Eight) group in the alliance, which includes top oil producers Saudi Arabia and Russia – as well as several Gulf states that have been hit by Iran’s retaliatory airstrikes – are to decide whether to increase production as prices rise.
Last month, the group announced a higher-than-expected increase in production quotas by 206,000 barrels per day (bpd).
Since the war started on Feb 28, Iran has virtually closed off the crucial Strait of Hormuz. Before the war, about a fifth of global oil and liquefied natural gas (LNG) passed through the Strait.