OPEC+ to boost oil output by 206,000 bpd amid Middle East tensions
OPEC+ agreed to increase oil production by 206,000 barrels per day next month, led by Saudi Arabia and Russia, to counter rising crude prices from Middle East conflicts. The move exceeds previous Q4 increments of 137,000 bpd and follows US-Israeli strikes on Iran threatening regional oil supply. Nigeria, an OPEC member, struggles to meet quotas due to oil theft and underinvestment, making this decision critical for its budget and currency stability.
SOURCE: https://nairametrics.com/2026/03/01/opec-approves-hike-in-oil-production-as-gulf-crisis-escalates/