US-Israel attacks Iran LIVE updates: Iran’s Chief of Army Staff, Defence Minister killed in airstrike

As a fresh West Asia conflict risks sending oil prices sharply higher, Saudi Arabia, Russia and six other key members of the OPEC+ alliance are widely expected to announce an output increase on Sunday (March 1, 2026), analysts say. 

The virtual meeting by the eight members of the Organization of the Petroleum Exporting Countries and allied nations (OPEC+) known as the “Voluntary Eight” (V8) comes a day after the U.S. and Israel launched an ongoing wave of strikes on Iran.

Last year, the V8 group — comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — boosted production by around 2.9 million barrels per day (bpd) in total before announcing a three-month pause in output hikes.

But now the picture has changed dramatically.

Brent, the global benchmark for crude oil, jumped more than 3% on Friday (February 27) to trade over $73 per barrel, up from $61 at the beginning of the year.

-AFP