OPEC+ hikes oil production by more than expected amid Middle East tensions

OPEC+ countries, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, hiked oil production by more than expected. The move comes following US and Israeli strikes on Iran that triggered retaliation by Tehran across the Middle East. OPEC+ nations agreed on a production adjustment of 2,06,000 barrels per day, which will be implemented in April.