EXCLUSIVE-OPEC+ leans towards resumption in oil output increases from April, sources say

OPEC+ ‌is leaning towards a resumption in oil output increases from April, three OPEC+ sources said, as the group prepares for peak summer demand and price strength is bolstered by tensions over U.S.-Iran relations. All three OPEC+ sources, who declined to ⁠be ​identified by name, said the eight members at the March 1 meeting were leaning towards a resumption in production quota increases from April.

OPEC+ ‌is leaning towards a resumption in oil output increases from April, three OPEC+ sources said, as the group prepares for peak summer demand and price strength is bolstered by tensions over U.S.-Iran relations. The resumption would allow OPEC ‌leader Saudi Arabia and fellow member the UAE to regain market share at a time members such ‌as Russia, Venezuela and Iran contend with Western sanctions and Kazakh output is restrained by a series of setbacks.

Eight OPEC+ producers - Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman - meet on March 1. The eight members raised production ⁠quotas ​by about 2.9 million barrels ⁠per day from April to the end of December 2025, equating to about 3% of global demand, and froze further ⁠planned increases for January through March 2026 because of seasonally weaker consumption.

The Brent crude benchmark is trading near $68 a barrel despite ​speculation that a supply glut would suppress prices this year. That's not far from a ⁠six-month high of $71.89 hit in January on tensions between the United States and Iran. All three OPEC+ sources, who declined to ⁠be ​identified by name, said the eight members at the March 1 meeting were leaning towards a resumption in production quota increases from April. Three other sources familiar with OPEC+ thinking said they expected increases ⁠to resume in April.

No decision has yet been made and talks will continue in the weeks ahead ⁠of the March 1 ⁠meeting, two of the OPEC+ sources said. OPEC and authorities in Russia and Saudi Arabia did not reply immediately to requests for comment.