economy
February 1, 2026
OPEC+ agrees to keep oil output unchanged as Iran tensions boost prices
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.
TL;DR
- Oil prices fell as OPEC+ maintained its March output unchanged, despite previous agreements to boost production quotas through 2025.
- Concerns over potential U.S. military action against Iran and the impact of U.S. sanctions on Tehran's oil revenue are influencing market dynamics.
- Speculation about a future supply glut in 2026 also contributed to downward pressure on prices.
- OPEC+ reaffirmed its decision to freeze planned increases for January through March 2026, citing seasonally weaker consumption.
- Supply disruptions in Kazakhstan, including the restarting of the Tengiz oilfield, have also impacted oil markets.
- The group's next meeting is scheduled for March 1.
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