Quick overview

---

Delegates stated that OPEC+ is nearing approval of plans to halt production increases in March. Key members led by Saudi Arabia and Russia decided in November to halt a rapid revival of output during the first quarter.

Three delegates stated on Sunday that they anticipate the alliance will confirm the pause for March, reiterating their opinions from last week. The alliance has reiterated the policy at monthly meetings. They also stated that they don’t anticipate plans after the first quarter. Even though the possibility of US action against OPEC member Iran is driving up oil prices, the Organization of the Petroleum Exporting Countries and its allies are continuing on their current course.

Brent futures reached a four-month high of $71.89 per barrel last week following US President Donald Trump’s warning to Tehran to reach a nuclear agreement or risk military action

OPEC+ and its allies often respond cautiously when geopolitical risks rise, typically waiting for changes in actual supplies before acting. Eight OPEC+ nations swiftly boosted production last year in what appeared to be an effort to reclaim their market share worldwide.

They made the decision to stop making more increases in the first quarter. The decision was partially validated by events. Even though many analysts still anticipate a large supply glut, prices have been supported by unrest in Iran and disruptions in Kazakhstan, another alliance member.