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2026-02-14 07:24:24
[Sources: OPEC+ Currently Favors Resuming Production Increase Plan from April] According to three OPEC+ sources, OPEC+ is currently leaning towards resuming its production increase plan from April to meet peak summer oil demand, while heightened tensions between the US and Iran have further pushed up oil prices. Resuming the production increase plan would allow Saudi Arabia and the UAE to regain market share, as member countries such as Russia, Venezuela, and Iran are currently facing pressure from Western sanctions, while Kazakhstan's production has been constrained by a series of setbacks. OPEC+ will hold a meeting on March 1st. Two sources said that no decision has been made yet, and consultations will continue in the weeks leading up to the meeting. OPEC, Russia, and Saudi Arabia did not immediately respond to requests for comment.
