UPDATE 3-OPEC+ agrees in principle to keep oil output unchanged, sources say

OPEC+ has agreed in principle to keep its oil output unchanged 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.

OPEC+ has agreed in principle to keep its oil output unchanged 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% of global demand. In November they froze further planned increases for January through March 2026 because of seasonally weaker consumption, and re-affirmed the decisions for January and February at later meetings.

TRUMP WEIGHING OPTIONS ON IRAN Sunday's meeting is ⁠now due ‌to start at 1400 GMT, two sources ⁠said. It is not expected to take any decisions for output policy beyond March, sources said.

OPEC+ includes the Organization of the Petroleum Exporting Countries, plus Russia and other allies. The ‍full OPEC+ pumps about half of the world's oil. A separate OPEC+ panel called the Joint Ministerial Monitoring Committee is also scheduled to meet on Sunday once the eight-country ​meeting has concluded, delegates said. The JMMC does not have decision-making authority on production policy.

The JMMC panel will stress the importance of achieving ⁠full compliance with OPEC+ output agreements, a second draft statement seen by Reuters showed. U.S. President Donald Trump is weighing options on Iran that include targeted strikes against security forces and leaders, aiming to ⁠inspire protesters, multiple sources said on Thursday.

BOTH SIDES SIGNAL WILLINGNESS TO TALK Washington has imposed extensive sanctions on Tehran to choke off its oil revenue, a crucial source of state funding.

Both the U.S. and Iran have since signalled willingness to engage in dialogue, but Tehran on Friday said ⁠its defence capabilities should not be included in any talks. Oil prices have also been supported by supply losses in Kazakhstan, where the oil sector has ⁠suffered a series of disruptions in recent ‌months. Kazakhstan said on Wednesday it was restarting the huge Tengiz oilfield in stages.

The eight countries plan to hold their next meeting on March 1 and the JMMC on April 5, the draft statements showed.

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