London - EcoPulse24

Sources within OPEC+ have confirmed that the alliance will maintain its freeze on planned production increases for March 2026 following its meeting on Sunday, despite crude oil prices climbing to their highest levels in six months amid concerns over possible U.S. military action against Iran.

Brent crude closed near $70 per barrel on Friday, close to Thursday’s six-month high of $71.89, defying expectations of a price drop due to a projected supply surplus in 2026.

The eight producing countries - Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria, and Oman - had boosted quotas by approximately 2.9 million barrels per day from April to December 2025, about 3% of global demand. However, they froze planned increases for January, February, and March 2026 citing weak seasonal consumption.

Three out of five OPEC+ delegates told Reuters that Sunday’s meeting is not expected to take any new decisions on production policy after March.

U.S. President Donald Trump has increased pressure on Iran to curb its nuclear program, threatening military action and deploying a U.S. naval group to the region. Washington has imposed sweeping sanctions on Tehran to cut off vital oil revenues.

Reuters reported Thursday, citing U.S. sources, that Trump is considering targeted strikes on security officials and senior figures to destabilize and potentially weaken Iran’s government. However, both the U.S. and Iran have since indicated willingness to engage in dialogue, though Tehran said Friday its defensive capabilities would not be part of any talks.

Prices have also been supported by supply disruptions in Kazakhstan, where the oil sector has faced a series of setbacks in recent months. Kazakhstan announced Wednesday that it is gradually restarting its giant Tengiz oil field.

The OPEC+ Joint Ministerial Monitoring Committee is also scheduled to meet Sunday, but this committee does not have the authority to set production policy.