OPEC+ Boosts Oil Output by 206,000 bpd Amid Iran Conflict – Bigger Than Expected

On March 1, 2026, Saudi Arabia, Russia and six other OPEC+ members agreed to raise their April oil‑production quotas by 206,000 barrels per day – a jump that exceeds analysts’ forecasts of 137,000 bpd. The increase comes as the war in Iran threatens the Strait of Hormuz, a chokepoint that transports roughly 20 % of global oil demand. While the extra output eases supply calculations, experts warn that logistical bottlenecks and heightened geopolitical risk could keep Brent prices well above $70 a barrel and even push them toward $120 if the conflict drags on.

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