Sources say that OPEC+ is likely to continue its oil production pause in March, despite the rising prices.

Three OPEC+ delegates said that OPEC+ was expected to maintain its pause in oil production?increases during a Sunday meeting. Prices are rising because of a 'drop in Kazakhstan oil production.

Eight members of OPEC+ met to discuss the price of oil. Prices have risen by 8% this month, and now exceed $66 a barrel. This is despite fears that a glut of oil would drive prices down.

Saudi Arabia, Russia, Kuwait, Iraq, Algeria, and Oman are all due to meet in February. The eight members - Saudi Arabia, Russia,?UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman - are due to meet on February?1.

Neither OPEC nor the authorities in Saudi Arabia or Russia responded to our requests for comments on this upcoming meeting.

Bloomberg reported earlier that OPEC+ will maintain oil policy stability.

One of the three delegates, commenting on Venezuelan production, said that a recovery was likely to take some time and would not have an immediate impact on the global oil market.

The U.S. captured Venezuelan president Nicolas Maduro in early January?and encouraged oil companies to increase production in Venezuela by investing.

Drone attacks and technical problems in Kazakhstan have led to a reduction of production due to the threat of a possible U.S. strike on Iran.

JP Morgan believes that Kazakhstan's Tengiz oilfield will remain inactive for the remainder of January. JPM predicted that Kazakhstan's crude production will be around 1.0-1.1m bpd this January, as opposed to the usual 1.8m bpd. (Editing by Alex Lawler and Dmitry Zhdannikov)

(source: Reuters)