OPEC+ on track to keep output levels unchanged in Q1

Logo of OPEC

Delegates said the OPEC+ alliance remains on track to keep output levels unchanged in the first quarter, despite US threats against Iran that have pushed prices toward $70 a barrel.

Eight members led by Saudi Arabia and Russia are due to meet online on Feb. 1 to review production policy for March. However, three delegates said they expect the group to reaffirm its current strategy, echoing views previously expressed to Bloomberg.

One delegate had earlier said that any major supply disruption could prompt the group to take emergency action.

OPEC+ typically adopts a cautious stance toward rising geopolitical risks, with members preferring to wait for tangible changes in physical supply before adjusting production policy.