OPEC+ Hikes Oil Production Amid US-Isreal Strikes On Iran
Naija News • 23h ago
Key members of the OPEC+ oil cartel announced a greater-than-expected increase to production quotas on Sunday following US and Israeli strikes on Iran that triggered retaliation by Tehran across the Middle East.
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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 bearing the brunt of Tehran’s missile strikes — said they had agreed a “production adjustment” of 206,000 barrels per day (bpd).
“This adjustment will be implemented in April,” they said in a statement.
The text did not mention the outbreak of the Iran conflict, instead citing “a steady global economic outlook and cu...