OPEC+ Members Signal Continued Pause on Oil Output Increases for March

BY COMFORT OGBONNA

Eight OPEC+ countries have agreed in principle to maintain a previously planned pause in oil production increases for March, according to three sources familiar with the discussions and a draft statement circulated ahead of the group’s meeting on Sunday.

The tentative agreement follows a decision made in November, when the same group of producers committed to halting output hikes for the first quarter of the year amid concerns about global demand growth and broader economic uncertainty. By keeping production levels unchanged, the countries aim to support oil prices while monitoring market conditions more closely.

Sources said the understanding was reached ahead of formal talks, indicating broad alignment among the participating nations. The official meeting is scheduled to take place at 1400 GMT, where the agreement is expected to be finalized and formally announced.

OPEC+  which includes members of the Organization of the Petroleum Exporting Countries along with allies such as Russia — has been navigating a delicate balance between preventing oversupply and avoiding price spikes that could further strain the global economy. Recent volatility in energy markets, coupled with mixed signals on demand from major consumers such as China and the United States, has made producers cautious about adding more barrels too quickly.

Analysts say extending the pause into March would signal the group’s continued commitment to managing supply tightly in response to uncertain market fundamentals. Any shift toward increased output could put downward pressure on prices at a time when inflation concerns and geopolitical risks remain elevated.

The outcome of Sunday’s meeting will be closely watched by traders and policymakers, as it will provide fresh guidance on OPEC+ strategy for the months ahead and offer insight into how the alliance views the near-term outlook for global oil demand.