OPEC+ to continue to pause oil output increase in March

VIENNA, Feb. 1 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided on Sunday to continue pausing oil output increases in March, OPEC said in a statement.

The decision came after a virtual meeting of OPEC+ member countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, to review global market conditions and the economic outlook.

The eight OPEC+ countries had been raising oil output on a monthly basis since April 2025. However, they decided in late November last year to pause the increases in the first three months of 2026 due to seasonality.

According to the statement, the countries will adopt a cautious approach and maintain full flexibility to adjust output levels as needed in response to market developments.

OPEC said the eight countries will meet on March 1 to make further decisions. ■