OPEC+ Mulls Oil Production Increase Amid Middle East Conflict

OPEC+ is expected to announce an oil production increase Sunday, despite the ongoing Iran-Israel conflict that risks sending oil prices sharply higher. The "Voluntary Eight" group, comprising Saudi Arabia, Russia, and six other key members, had boosted production by 2.9 million barrels per day last year but paused output hikes in December. Analysts anticipate a quota increase of 137,000 barrels per day, citing high prices as an incentive for OPEC+ to resume production increases.