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 percent 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 2 p.m. GMT, two sources said. It is not expected to take any decisions for output policy beyond March, sources said on Friday. OPEC+ includesWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times