Opec+ set to keep oil production pause for March as prices jump

• Opec+ likely to keep current output policy, sources say
• Brent crude prices rise to highest since August
• Kazakhstan’s Tengiz oilfield recovering from disruption

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 $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 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 percent 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 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.

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.

Further reading:

• World oil market faces significant surplus, IEA predicts
• Shadows and skulduggery on the open seas
• Iranian businesses suffer new blow as internet blackout lingers

Trump is weighing targeted strikes on security officials and senior figures to stir unrest and potentially weaken the ruling system, Reuters reported on Thursday, citing US sources.

Oil prices have also been supported by supply losses in Kazakhstan, where the oil sector has suffered a series of disruptions in recent months. Kazakhstan said on Wednesday it was restarting the huge Tengiz oilfield in stages.