As the United States and Israel conduct airstrikes against Iran on the 28th (local time), concerns arise that international oil prices may rise significantly, while members of the Organization of the Petroleum Exporting Countries (OPEC) are set to increase oil production.
On this day, Reuters reported that 8 countries belonging to OPEC+ (the Organization of the Petroleum Exporting Countries and a group of major oil-producing nations) plan to review crude oil production increases larger than expected.
Earlier, OPEC+ delegations said there is a possibility of agreeing to end the three-month production increase suspension and increase April crude oil production by 137,000 barrels per day. This was in response to preparing for increased summer demand and the rise in crude oil prices due to the possibility of U.S. attacks on Iran.
Sources familiar with the matter said OPEC+ members are set to hold a meeting soon and that more crude oil production increases than planned could be discussed at this meeting.
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