Sources say that OPEC+ will pause oil production in March due to the price increase.
Sources say OPEC+ is likely to maintain current output policy
Brent crude oil prices reach highest level since August
Tengiz Oilfield in Kazakhstan recovers from disruptions
By Ahmad?Ghaddar and Olesya Astakhova
Five delegates said that OPEC+ will likely pause its oil production increases in March when it meets on Sunday. This is despite crude prices rising above $70 a barrel on fears the U.S. might launch a strike against OPEC member Iran.
Brent crude is at its highest level since August. The eight OPEC+ member countries, who pump half of the world's oil supply, met as Brent crude prices rose to $72 a barrel.
Saudi Arabia, Russia and the United Arab Emirates along with Kazakhstan, Kuwait, Iraq, Algeria, Oman, and Kazakhstan raised their production quotas from April to December 2025 by about 2.9 million barrels a day, or roughly 3% of world demand. The eight?producers - Saudi Arabia, Russia, the United Arab Emirates (UAE), Kazakhstan Kuwait Iraq Algeria and Oman - raised production quotas by?about 2.9 million barrels per day from April through December 2025. This represents roughly 3% of global demand.
Three of the five OPEC+ delegates who 'all asked to not be identified because they are not authorised by law to speak to media, said that Sunday's meeting is unlikely to make any decisions past March.
OPEC, Saudi Arabian authorities and Russian authorities did not immediately respond when contacted for comment.
Delegates said that a separate OPEC+ group called the Joint Ministerial Monitoring Committee? is also scheduled to meet on Sunday. JMMC has no decision-making power on production policy.
Donald Trump, the U.S. president, has increased pressure on Iran in order to?curb? its nuclear program. He has threatened military action and deployed a U.S. Naval Group to the region. Washington has imposed sanctions on Tehran in order to cut off the oil revenue that is a vital source of funding for the Iranian government.
Trump is 'weighing targeted attacks on senior security officials and figures in order to stir up 'unrest and possibly weaken the ruling regime,' reported on Thursday citing U.S. source.
The oil prices are also supported by the supply disruptions in Kazakhstan. This country's oil sector has been afflicted with a number of interruptions over the past few months. Kazakhstan announced on Wednesday that it would restart the massive Tengiz Oilfield in phases. Reporting by Olesya A. Astakhova, Alex Lawler, and Ahmad Ghaddar from London. Simon Webb, Mark Potter and Mark Potter edited the article.
(source: Reuters)
