**OPEC+ Boosts Oil Production Amid Global Turmoil** As the world grapples with the escalating tension in the Middle East, the Organisation of the Petroleum Exporting Countries Plus (OPEC+) has announced a modest increase in oil production. The move, which will add 206,000 barrels per day (bpd) to the global oil supply from April, is seen as a delicate balancing act amidst the ongoing US-Israel military actions against Iran. In a meeting involving eight key member countries, including Saudi Arabia, Russia, and the United Arab Emirates, OPEC+ opted for a cautious approach, choosing a relatively small increase that represents less than 0.2 per cent of global oil supply. This decision comes at a time when the conflict in the Middle East has disrupted crude flows, forcing countries to halt shipments through the critical Strait of Hormuz. The Strait, which connects Iran with the Arabian Peninsula, is a vital waterway that handles about 20 million barrels of crude oil and other fuel types daily. Any disruption or threat to this route typically triggers sharp spikes in oil prices and shipping insurance costs. Although Saudi Arabia and the UAE operate alternative pipelines, these routes cannot fully accommodate the total volume of crude that usually transits the Strait. Analysts note that the latest increase is a nod to the complex and volatile geopolitical landscape. OPEC+ had earlier agreed to raise output quotas by 2.9 million bpd from April to December 2025, but paused further increases for January to March 2026 due to seasonal weakness. The current move underscores the group's efforts to stabilise global markets amidst one of the most turbulent periods in recent years. As the global oil market continues to navigate this uncertain terrain, Nigeria, as a major oil-producing nation, is likely to feel the ripple effects of OPEC+'s decision. With oil prices already on the rise, the increase in production may not necessarily translate to lower prices at the pump. However, the move is seen as a positive development for the global economy, as it will help to maintain stability in the oil market.