OPEC+ is most likely to consider raising oil output by 137,000 bpd for April 2026, three sources having knowledge of OPEC+ thinking remarked, as the group goes on to prepare for peak summer demand along with a price boost due to tensions between the U.S. as well as Iran which is an OPEC member.
It is well to be noted that the resumption of output growth post a three-month pause will enable Saudi Arabia – the OPEC leader and members like the UAE to go ahead and regain the market share at a time when other OPEC+ members, like Russia and Iran, face Western sanctions, whereas Kazakhstan tries to take hold of the situation from a range of setbacks within oil production.
Interestingly, amidst the commotion taking place, eight OPEC+ producers – Saudi Arabia, Russia, Kazakhstan, the United Arab Emirates, Kuwait, Iraq, Algeria as well as Oman – meet on March 1, 2026.
In another development, Saudi Arabia has gone on to activate a plan related to a short-term oil output and export growth in case a U.S. strike on Iran goes on to disrupt the flows from the Middle East, remarked two sources who are familiar with the Saudi plan.
U.S. President Donald Trump has already said that he is considering going ahead with a strike on Iran in order to pressure its leaders to agree to a deal in order to curb the nuclear programme of Tehran.
Brent Crude Went on to Close to the Highest Since July 2025
The eight members went on to raise the production quotas by almost 2.9 million barrels per day from the end of April to December 2025, thereby equalling almost 3% of the global demand, and also went ahead and froze more planned increases from January to March 2026 because of seasonally weaker consumption.
In spite of the fears that a dip in supply would hit the prices in 2026, the Brent crude benchmark is trading at almost $71 a barrel. That, apparently, is not far from a seven-month high of $72.50 that was reached this week due to ongoing tensions between the United States as well as Iran.
All three sources, who have declined to be identified by name, have said that an increase of 137,000 bpd by all eight members for April 2026 was the decision most likely to take place on March 1. As per a fourth source, a pause for April 2026 was a possibility as well.
Raising oil output by 137,000 bpd for April is going to be the same as the ones agreed for December and November, as well as October 2025.
OPEC+, which has in it the Organization of the Petroleum Exporting Countries along with Russia and other allies, happens to pump around half of the oil of the world.
