OPEC+ agreed in principle to keep oil output unchanged for the month of March, according to three delegates and a draft statement, even as crude prices hit a six-month high on concerns that the United States could launch a military strike against OPEC member Iran.
The meeting of the eight OPEC+ members comes as the price of Brent crude oil closed around $70 a barrel on Friday, close to a six-month high of $71.89 reached on Thursday, despite speculation that a supply glut in 2026 could lower prices, Reuters writes.
Eight producers, Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman, increased production quotas by about 2.9 million barrels per day from April to December 2025, roughly three percent of global demand.
In November, they froze further planned increases for January to March 2026 due to seasonally weaker spending, and the decisions for January and February were subsequently confirmed at later meetings.
OPEC+ includes the Organization of the Petroleum Exporting Countries, plus Russia and other allies. The entire OPEC+ pumps about half of the world’s oil. A special OPEC+ panel called the Joint Ministerial Monitoring Committee (JMMC) is also scheduled for Sunday after the eight-nation meeting ends, delegates said. The JMMC does not have the authority to make production policy decisions.
The JMMC panel will highlight the importance of achieving full compliance with OPEC+ production agreements.
US President Donald Trump is considering options against Iran that include targeted bombings of security forces and leaders, with the aim of inspiring protesters. Washington has imposed sweeping sanctions on Tehran to stifle its oil revenue, a key source of state funding.
Both the US and Iran have since signaled a willingness to dialogue, but Tehran has said it will defend its defense capabilities in any talks.
The eight countries plan to hold their next meeting on March 1.
(Vijesti.ba / FENA)
