Oil prices slipped on Tuesday, extending falls from the two previous sessions, as pressure from plans by OPEC to boost output offset optimism over a potential U.S.-China trade deal.
Feifei Cui-paoluzzo | Moment | Getty Images
OPEC+ has agreed in principle to keep its planned pause on oil output increases 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.
They then froze further planned increases for January through March 2026 because of seasonally weaker consumption.
Trump weighing options on Iran
On Friday, oil prices dipped amid tensions between the U.S. and Iran.
Brent crude futures settled at $70.69 a barrel, down 2 cents or 0.03%. The March contract expired on Friday. U.S. West Texas Intermediate crude finished at $65.21 a barrel, down 21 cents or 0.32%.
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 on Friday.
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 tak
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.