Published by Global Banking & Finance Review®
Posted on February 1, 2026
1 min readLast updated: February 1, 2026
OPEC+ countries have agreed to maintain a pause in oil output hikes for March, impacting global oil markets. A formal meeting is scheduled for 1400 GMT.
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.
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.
(Reporting by Olesya Astakhova, Ahmad Ghaddar and Alex Lawler; Editing by Alexander Smith)
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.
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.
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.
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.
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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