OPEC+ is expected to keep its current pause on further oil production increases through March 2026 when eight key members meet on Sunday, according to five industry delegates, as global crude prices climb above $70 per barrel.
The group which includes Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman accounts for roughly half of the world’s oil supply and had already lifted output by about 2.9 million barrels per day between April and December 2025.
Those increases were halted for the January March 2026 period due to seasonally weaker demand and concerns that a potential supply glut could weigh on prices.
Three of the delegates said the upcoming meeting is unlikely to go beyond deciding whether to maintain the freeze into March, with no broader policy shift expected.
Oil prices have surged to their highest level since August, nearing $72 a barrel, driven by rising geopolitical tensions between the United States and Iran.
U.S. President Donald Trump has intensified pressure on Tehran over its nuclear programme, warning of possible military action and increasing U.S. naval presence in the region.
Washington has also tightened sanctions on Iran in an effort to restrict its oil exports, which are a major source of government revenue.
Additional price support has come from supply disruptions in Kazakhstan, where production has been hit by repeated outages at major oil facilities.
The country is now restarting output at the giant Tengiz oilfield, but traders remain cautious about how quickly supplies will normalize.
Alongside the main OPEC+ meeting, a monitoring panel known as the Joint Ministerial Monitoring Committee will also meet on Sunday, though it has no authority to change production policy.