MOSCOW/LONDON: 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 US-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 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 per cent 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.
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