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OPEC+ agrees in principle to keep planned pause in oil output hikes for March, sources say

Published by Global Banking & Finance Review

Posted on February 1, 2026

1 min read

· Last updated: February 1, 2026

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OPEC+ agrees in principle to keep planned pause in oil output hikes for March, sources say
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LONDON/MOSCOW, Feb 1 (Reuters) - Eight OPEC+ countries have agreed in principle to maintain a planned pause in their oil output hikes for March, according to three OPEC+ sources and a draft statement

OPEC+ Countries Agree to Maintain Oil Output Pause for March

OPEC+ Oil Output Strategy

LONDON/MOSCOW, Feb 1 (Reuters) - Eight OPEC+ countries have agreed in principle to maintain a planned pause in their oil output hikes for March, according to three OPEC+ sources and a draft statement seen by Reuters ahead of their Sunday meeting.

Details of the Agreement

The countries had agreed the pause in output hikes for the first quarter in November. The formal meeting is now scheduled for 1400 GMT, two of the sources said.

Upcoming Formal Meeting

(Reporting by Olesya Astakhova, Ahmad Ghaddar and Alex Lawler; Editing by Alexander Smith)

Key Takeaways

  • OPEC+ countries plan to pause oil output hikes for March.
  • The decision was initially agreed upon in November.
  • A formal meeting is scheduled for 1400 GMT.
  • The decision impacts global oil market strategies.
  • Sources confirm the agreement ahead of the meeting.

Frequently Asked Questions

What is OPEC+?
OPEC+ is an alliance of oil-producing countries, including members of the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing nations, aimed at coordinating and managing oil production to stabilize the market.
What is oil output?
Oil output refers to the total amount of crude oil produced by a country or group of countries over a specific period, which can influence global oil prices and economic conditions.
What is an oil output pause?
An oil output pause is a temporary halt or reduction in the production of oil by countries or organizations, often implemented to stabilize prices or respond to market conditions.
What is the significance of OPEC meetings?
OPEC meetings are significant as they allow member countries to discuss and decide on production levels, which directly affect global oil supply, prices, and economic stability.
What is the impact of oil production on the economy?
Oil production impacts the economy by influencing energy prices, affecting inflation rates, and contributing to the overall economic growth of oil-producing countries.

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