OPEC Agrees in Principle to Keep Oil Output Pause for March, Sources Say

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.

TRUMP WEIGHING OPTIONS ON IRAN

Sunday's meeting is now due to start at 1400 GMT, two sources said. It is not expected to take any decisions for output policy beyond March, sources said on Friday.

OPEC includes the Organization of the Petroleum Exporting Countries, plus Russia and other allies. The full OPEC pumps about half of the world's oil.

A separate OPEC panel called the Joint Ministerial Monitoring Committee is also scheduled to meet on Sunday, delegates said. The JMMC does not have decision-making authority on production policy.

U.S. President Donald Trump is weighing options on Iran that include targeted strikes against security forces and leaders, aiming to inspire protesters, multiple sources said on Thursday.

Washington has imposed extensive sanctions on Tehran to choke off its oil revenue, a crucial source of state funding.

Both the U.S. and Iran have since signaled willingness to engage in dialog, but Tehran on Friday said its defense capabilities should not be included in any talks.

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.

The eight countries plan to hold their next meeting on March 1, the draft statement showed.