OPEC+ set to keep oil production pause for March as prices jump, sources say
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OPEC+ is expected to maintain its pause on oil production increases for March, as Brent crude prices rise to nearly $72 a barrel, the highest since August. The decision comes amid concerns over potential U.S. military action against Iran and ongoing supply disruptions in Kazakhstan's Tengiz oilfield. The meeting of OPEC+ members, which control about half of the world's oil supply, is set for Sunday, but no significant changes are anticipated beyond March. U.S. sanctions on Iran continue to impact oil revenues, further influencing market dynamics.
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