OPEC+ to Maintain Oil Output Pause in March Amid Price Surge, Sources Report

• Eight OPEC+ members (Saudi Arabia, Russia, UAE, Kazakhstan, Kuwait, Iraq, Algeria, and Oman) had previously raised production quotas by 2.9 million barrels per day from April-December 2025, then froze further increases for January-March 2026 due to weaker seasonal demand
• Brent crude closed near $70 per barrel on Friday, approaching the six-month high of $71.89 reached on Thursday, supported by geopolitical tensions and Kazakhstan supply disruptions at the Tengiz oilfield
• U.S. President Trump is reportedly considering targeted strikes on Iranian security forces and leaders, though both nations have since signaled willingness for dialogue, with Iran emphasizing its defense capabilities remain non-negotiable

OPEC+ to Maintain Oil Output Pause in March Amid Price Surge

Key Decision: OPEC+ is likely to maintain its planned pause on oil output increases for March when eight member nations meet on February 1, 2026, at 1330 GMT, according to three OPEC+ delegates. The meeting includes Saudi Arabia, Russia, UAE, Kazakhstan, Kuwait, Iraq, Algeria, and Oman.

Market Context: Brent crude closed near $70 per barrel on Friday, approaching a six-month high of $71.89 reached Thursday. Prices have surged on concerns about potential U.S. military strikes against Iran, an OPEC member, following reports that President Trump is weighing targeted strikes on Iranian security forces and leaders.

Production Details: The eight OPEC+ producers had previously raised output quotas by approximately 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 due to seasonally weaker consumption. No policy decisions are expected beyond March at this meeting.

Additional Factors: Oil prices have received further support from supply disruptions in Kazakhstan, where the Tengiz oilfield is restarting in stages following recent disruptions. The U.S. has imposed extensive sanctions on Iran to restrict its oil revenue, though both nations have signaled willingness for dialogue.

Organization Background: OPEC+ comprises the Organization of the Petroleum Exporting Countries plus Russia and other allies, collectively pumping approximately half of the world's oil. A separate Joint Ministerial Monitoring Committee (JMMC) is also scheduled to meet Sunday but lacks decision-making authority on production policy.