OPEC+ to keep March output hike on hold: Report

OPEC+ is likely to maintain the suspension of oil production increases in March when it meets later on Sunday

Three OPEC+ delegates told Reuters the alliance is likely to maintain the suspension of oil production increases in March when it meets later on Sunday, even after crude prices hit six-month highs on concerns the United States could launch a military strike on OPEC member Iran.

The meeting of eight OPEC+ members comes after Brent crude settled near $70 a barrel on Friday, close to a six-month high of $71.89 reached on Thursday, despite speculation that ample supply in 2026 could push prices lower.

Those countries—Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria, and Oman—raised output quotas by about 2.9 million barrels per day (bpd) from April through the end of December 2025, equivalent to nearly 3% of global demand.

They then froze further planned increases from January through March 2026 due to weak seasonal consumption. Two sources said Sunday’s meeting is scheduled to begin at 13:30 GMT.

Sources said on Friday that no decisions are expected on production policy beyond March.

OPEC+ comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, and collectively pumps about half of global oil output.

The delegates said an OPEC+ panel, the Joint Ministerial Monitoring Committee (JMMC), is also due to meet on Sunday. The committee does not have the authority to make decisions on production policy.

Multiple sources said on Thursday that US President Donald Trump is considering options to deal with Iran that include targeted strikes on security forces and leaders to encourage protesters to mobilize.

Washington imposes sweeping sanctions on Tehran to curb its oil revenues, a key source of state funding.

The United States and Iran have since signaled a willingness to engage in dialogue, though Tehran said on Friday that its defensive capabilities would not be subject to any talks.

Oil prices have also been supported by reduced supplies from Kazakhstan, where the oil sector has suffered a series of disruptions in recent months.

Kazakhstan said on Wednesday it would restart the giant Tengiz oilfield in stages.