A satellite image shows smoke rising in the Ras Tanura oil refinery in Saudi Arabia after a drone attack
OPEC+ boosted production before crisis
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
OPEC+ oil output slightly increased in February compared with January, according to Petroleum Economist estimates, amid shifting geopolitical dynamics, rising regional tensions, supply disruptions and pressure to meet internal quotas. Some members are also working to expand production capacity ahead of a key independent audit in 2026, which will set new production baselines for 2027. The month-on-month comparison offers insight into the current balance within the group, as OPEC+ plans to increase oil output in April, with an agreement to raise production by 206,000b/d. However, this increase is minimal compared to a significant fall in supply caused by the closure of the Strait of Hormuz.
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