OPEC+ is expected to continue suspending production increases in March at a meeting on Sunday, three OPEC+ representatives told Reuters, as Kazakhstan’s oil production decline pushes prices higher.
The meeting of the eight members of OPEC+, which supplies about half of the world’s oil, comes after oil prices rose 8% so far this month to more than $66 a barrel, despite concerns that an oversupply would push prices down.
The eight countries – Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman – are scheduled to meet on February 1. Countries raised oil production targets by about 2.9 million barrels per day from April to December 2025, equivalent to almost 3% of global demand, and suspended monthly interest rate hikes from January to March amid weak demand forecasts.
Officials in OPEC, Saudi Arabia and Russia did not immediately respond to Reuters’ requests for comment on the upcoming meeting.
Bloomberg earlier reported that OPEC+ will maintain firm oil policy.
One of the three participants commenting on Venezuela’s output said the recovery would take time and was still unlikely to have a major impact on the balance of global oil markets.
The United States detained Venezuelan President Nicolas Maduro in early January and encouraged oil companies to invest in the country to boost production.
The threat of a possible U.S. attack on Iran has raised the possibility of a drop in supplies, while drone attacks and technical problems have reduced Kazakhstan’s production.
JPMorgan expects Kazakhstan’s Tengiz oil field to remain idle through January. According to JPM, Kazakhstan’s crude oil production is expected to average 1 million to 1.1 million barrels per day in January, compared to normal production of about 1.8 million barrels per day.
(Editing by Alex Lawler, Dmitry Zhdannikov, Bernadette Baum)
