The Opec+ is likely to keep its pause on oil output increases for March when it meets tomorrow, five delegates told Reuters, even as crude climbs above $70 a barrel on concern the US could launch a military strike on Opec member Iran.
The meeting of eight Opec+ members, which pump about half the world’s oil, comes as Brent crude has risen to almost $72 a barrel, its highest since August, despite speculation that a supply glut would push prices down.
The eight producers – Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman – raised production quotas by about 2.9 million barrels per day from April through December 2025, roughly 3 per cent of global demand. They then froze further planned increases for January through March 2026 because of seasonally weaker consumption.
Three of the five Opec+ delegates, who all asked not to be identified as they are not authorised to speak to the media, said tomorrow’s meeting was unlikely to take any decisions beyond March.
The Opec and authorities in Saudi Arabia and Russia did not immediately respond to requests for comment. Also tomorrow, a separate Opec+ panel called the Joint Ministerial Monitoring Committee is scheduled to meet, delegates said. The JMMC does not have decision-making authority on production policy.
US President Donald Trump has intensified pressure on Iran to curb its nuclear programme, threatening military action and deploying a US naval group to the region. Washington has imposed extensive sanctions on Tehran to choke off its oil revenue, a crucial source of state funding.
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