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OPEC+ has confirmed it will delay planned oil production increases for March, signalling a continued cautious approach to managing global supply.
Following a virtual meeting on Sunday, the alliance — which includes Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman — reviewed current oil market dynamics and broader economic conditions before deciding to keep output levels unchanged.
The decision comes after eight OPEC+ members had been gradually increasing production on a monthly basis since April 2025. However, in late November, the group agreed to pause further increases during the first quarter of 2026, citing seasonal demand patterns and market uncertainty.
In its statement, OPEC emphasised that flexibility remains central to its strategy, noting that production levels could be adjusted should market conditions shift.
The eight countries are scheduled to meet again on 1 March, when further decisions on output policy will be considered.