Oil, gasoline and different shipments from West Asia by way of the Strait of Hormuz have been suspended since February 28, 2026. Photograph credit score: Reuters
5 OPEC+ officers introduced on Sunday (March 1, 2026) that OPEC+ has agreed in precept to a small improve in crude oil manufacturing in response to the US and Israel’s assault on Iran, a member of OPEC+, and the Iranian authorities’s retaliation, inflicting transportation disruption in West Asia.
OPEC+ has a historical past of accelerating oil manufacturing to ease disruptions, however analysts stated the group at present has little capability to extend provide and all however leaders Saudi Arabia and the United Arab Emirates will battle to export oil till Gulf transport returns to regular. Riyadh has elevated oil manufacturing and exports in current weeks in preparation for a U.S. assault on Iran, sources stated. Reuters.
Oil, gasoline and different shipments from West Asia by way of the Strait of Hormuz have been suspended since Saturday (28 February 2026) after ship homeowners acquired a warning from Iran that navigation within the space was prohibited.
OPEC+ has agreed in precept to extend manufacturing by 206,000 barrels per day after discussing choices from 137,000 barrels per day to 548,000 barrels per day, 5 sources stated. Reuters Sunday (March 1, 2026).
Oil costs soared to $73 per barrel on Friday (February 27, 2026), the best since July, on considerations about escalating battle in West Asia and provide disruptions by way of Hormuz, the world’s most essential oil route, which accounts for greater than 20% of worldwide oil shipments.
Regional leaders have warned the U.S. authorities {that a} conflict with Iran may ship oil costs to greater than $100 a barrel, stated Helima Croft, a veteran OPEC analyst at RBC. Barclays analysts additionally stated the value may rise to $100.
Croft stated OPEC’s important improve in manufacturing would have restricted influence in the marketplace attributable to a scarcity of precise manufacturing capability outdoors Saudi Arabia.
Sunday’s (March 1, 2026) assembly was attended by solely eight OPEC+ members: Saudi Arabia, Russia, UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman. OPEC+ teams the Group of the Petroleum Exporting International locations and allies corresponding to Russia, however most manufacturing adjustments prior to now few years have been made by its eight members.
Eight member international locations raised manufacturing quotas by about 2.9 million barrels per day from April to December 2025, equal to about 3% of worldwide demand, and suspended will increase from January to March 2026 attributable to seasonal weak point.
