OPEC+ Considers Oil Production Increase of 137,000 Barrels Per Day

The OPEC+ alliance is reportedly considering a production increase of 137,000 barrels per day. This potential move comes as the group prepares for the summer season, when global oil demand typically rises. Elevated prices, partly driven by geopolitical tensions between the United States and Iran—a fellow OPEC member—are also a contributing factor.

If approved, this would mark the first production hike after a three-month pause. Such an increase could help strengthen the market positions of Saudi Arabia and the United Arab Emirates. Meanwhile, Russia and Iran continue to operate under Western sanctions, and Kazakhstan is working to restore its output following recent production disruptions.

A meeting of eight key OPEC+ nations—Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria, and Oman—is scheduled for March 1st. A final decision on production levels is expected at that time.

Separately, sources indicate that Saudi Arabia has prepared contingency plans to address potential supply disruptions from the region should military conflict between the U.S. And Iran occur. U.S. President Donald Trump has previously stated he is considering such an option to pressure Tehran into a new nuclear agreement.

There have been no official comments yet from OPEC or authorities in Russia and Saudi Arabia.

The alliance had previously increased production quotas by approximately 2.9 million barrels per day for the period from April to December 2025—equivalent to about 3% of global demand. However, further growth was paused from January through March 2026 due to seasonal consumption declines.

Currently, Brent crude oil is trading around $71 per barrel, close to its seven-month high of $72.50 reached earlier this week.

According to three sources familiar with the discussions, an increase of 137,000 barrels per day appears to be the most likely outcome. However, one source noted that the alliance could still decide to maintain the current pause. If an increase is approved, its volume would match the increments already implemented in October, November, and December of last year.