An OPEC+ delegate told Bloomberg that the alliance may discuss a greater increase in supplies during a meeting of senior members tomorrow, Sunday, in the wake of Israeli air strikes on targets inside Iran.
The coalition, led by Saudi Arabia and Russia, was expected to resume modest production increases starting in April, after a three-month supply pause, as several delegates indicated earlier this week.
In a report issued before the Israeli attacks on Iran, Barclays stated: “While it is entirely possible that escalation will not lead to a supply disruption and that the $3-5 per barrel risk premium in oil prices will quickly disappear, a supply disruption of 1 million barrels per day would increase doubts about the widely expected oversupply and push Brent to $80 per barrel.”
