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The Economic Times

Economy / The Economic Times

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OPEC+ hikes oil production by more than expected following outbreak of Iran war

OPEC+'s V8 group announced a 206,000 bpd production increase, citing market fundamentals despite Iran's regional attacks. Analysts warn this is insufficient to offset potential Strait of Hormuz disruptions, which could cause oil prices to spike significantly when trading resumes.

1 Mar 2026 7:02 pm