OPEC is reportedly considering increasing oil production by more than the current level to minimize possible disruptions to world oil supplies due to attacks on Iran by American and Israeli forces and Iran’s retaliation.
Accordingly, although daily fuel production was planned to be increased by 137,000 barrels, it is reported that it will be increased by 411,000 barrels per day or more depending on the current emergency. Foreign media say that the final decision on this is to be taken at a special meeting to be held today.
Oil and gas shipping has been disrupted since yesterday (28) with Iran’s announcement to stop shipping through the strategically important Strait of Hormuz, through which more than 20% of the world’s oil transport passes.
As conflicts in the Middle East escalated, the price of crude oil rose to US$73 per barrel on Friday, the highest price since July.