April 05, New Delhi: Key members of the OPEC+ alliance are scheduled to meet on Sunday to discuss production quotas for the month of May, as the ongoing U.S.-Iran conflict continues to unsettle global oil markets.
The Voluntary Eight Group within the alliance, which includes major producers such as Saudi Arabia and Russia, along with several Gulf states affected by Iranian retaliatory airstrikes, will decide whether to increase production in response to rising oil prices.
Last month, OPEC+ had announced a higher-than-expected increase in production quotas of 206,000 barrels per day.
The conflict has also disrupted the crucial Strait of Hormuz, which Iran has virtually closed since the war began on February 28, adding further uncertainty to global energy supplies.
(Concept Image)