OPEC+ will hold its oil production at current levels in March, member nations said today, despite oil prices soaring as the United States weighs a potential military strike on Iran.
The bloc agreed in November to pause output hikes during 2026’s first quarter due to seasonal dips in demand, having previously increased production by around 2.9 million barrels per day in 2025. Total production in March will be 33.3 million barrels per day across its eight members.
“The eight participating countries reaffirmed their decision on 2 November 2025 to pause production increments in March 2026 due to seasonality,” wrote OPEC+.
“The countries will continue to closely monitor and assess market conditions,” the bloc said, and will maintain flexibility to reverse voluntary output changes.
Oil prices have surged as the U.S. considers striking OPEC+ member Iran, meanwhile. Brent crude reached a six-month high of US$71.89 per barrel on Thursday (Friday AEDT), though it had fallen to $67.18 by 12:20 pm today AEDT.
U.S. President Donald Trump has told Iran’s government that it would need to halt its nuclear program and stop killing protesters to avoid a U.S. attack. At least 6,842 people have been killed in 36 days of anti-government protests, per the Human Rights Activists News Agency.
“We have a lot of very big, very powerful ships sailing to Iran right now, and it would be great if we didn't have to use them,” said Trump.
The U.S. currently has six destroyers, one aircraft carrier, and three littoral combat ships in the area. Iranian Supreme Leader Ali Khamenei said that a U.S. attack on Iran would cause a “regional war”.
