{{articledata.title}}

OPEC+ is likely to keep its current pause on oil production in effect when the cartel meets on Feb. 1.

Media reports say that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is likely to maintain current production levels as crude's price climbs above $70 U.S. a barrel and concerns grow that the U.S. will attack OPEC+ member Iran.

The meeting of eight OPEC+ countries, which produce half the world's oil, arrives with the price of Brent crude trading above $70 U.S. a barrel, its highest level since August 2025.

OPEC+ raised its production quotas by about 2.9 million barrels per day between April and December 2025, roughly 3% of global demand.

More recently, the oil cartel has frozen production at current levels for January through March of this year, citing seasonally weak consumption and demand.

That production freeze is likely to be upheld at the Feb. 1 meeting, with OPEC+ unlikely to make any changes before March of this year.

The latest meeting of OPEC+ comes as U.S. President Donald Trump ratchets up pressure on Iran to curb its nuclear weapons program, threatening military action and deploying naval ships to the Middle East.

Washington, D.C. has already imposed strict sanctions on Tehran to choke off its oil revenue, a crucial source of funding for the Iranian government.

Reports say that Trump is considering targeted strikes on Iran to stir unrest and potentially weaken the ruling government.

Critics warn that such strikes could further destabilize the Middle East and lead to oil prices spiking.

Oil prices are also getting a lift from supply losses in Kazakhstan, where the oil sector has suffered a series of disruptions in recent months.

West Texas Intermediate (WTI) crude oil, the U.S. standard, is currently trading at $65.47 U.S. per barrel.