OPEC+ set to keep oil production pause for March as prices jump, Reuters sources say
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OPEC+ is likely to keep its pause on oil output increases for March when it meets on Sunday, five delegates told Reuters, even as crude climbs above US$70 a barrel on concern the U.S. 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 United Arab Emirates, 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 authorized to speak to the media, said Sunday’s meeting was unlikely to take any decisions beyond March.
OPEC and authorities in Saudi Arabia and Russia did not immediately respond to requests for comment.
Also on Sunday, 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.
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