The Organization of the Petroleum Exporting Countries and its allies agreed Sunday to a larger-than-expected oil output hike following the U.S. and Israeli strikes on OPEC member Iran. The Saudi Arabia-led cartel’s move will likely be seen as an attempt to stabilize energy markets.

Producers' group reacts as the Middle East crisis threatens to fan a geopolitical risk driven oil price spike in a market that seemed pretty well supplied until now.

OPEC Plus Group on Sunday agreed to increase oil output by 206,000 barrels per day during the upcoming month of April.Representatives of the eight member s...

The U.S.-Israeli attack raises the risk of major oil supply disruption. Iran is the fourth-largest OPEC producer and sits on the critical Strait of Hormuz.

LONDON/MOSCOW, Feb 28 (Reuters) - OPEC+ may consider a larger-than-planned output increase of 411,000 barrels per day at a meeting on Sunday, two sources close to the talks said, after Saudi Arabia and the UAE raised exports in anticipation of possible disruption to oil markets from U.S.-Israeli strikes on Iran carried out on Saturday.

OPEC+ agreed on Sunday to raise oil output by a modest 206,000 barrels per day (bpd) in April, opting for a cautious supply increase even as the U.S.-Israeli war on Iran disrupts shipments across the

OPEC 12 output decreased by 135 kb/d with the largest increases from Iraq (38 kb/d), UAE (14 kb/d), and Saudi Arabia (13 kb/d). Read more here.

Almost a year ago, OPEC+ brushed aside warnings of a global supply surplus and chose to increase oil production. History seems about to repeat.

OPEC is pursuing a long-term strategy to increase its market share and is unwinding production cuts, with oil prices remaining strong due to factors beyond OPEC's direct control. The rise in oil prices is influenced by geopolitical developments, such as U ...