OPEC+ has agreed in principle to keep its planned pause on oil output increases for March when it meets later on Sunday, according to three delegates and a draft statement seen by Reuters, even after crude prices hit six-month highs on concern the U.S. could launch a military strike on OPEC member Iran.
The meeting of eight OPEC+ members comes as Brent crude closed near $70 a barrel on Friday, close to the six-month high of $71.89 reached on Thursday, despite speculation that a supply glut in 2026 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% of global demand.
They then froze further planned increases for January through March 2026 because of seasonally weaker consumption.
On Friday, oil prices dipped amid tensions between the U.S. and Iran.
