Finance
OPEC+ agrees in principle to keep planned pause in oil output hikes for March, sources say
Published by Global Banking and Finance Review
Posted on February 1, 2026
1 min readLast updated: February 1, 2026
Home > Finance > OPEC+ agrees in principle to keep planned pause in oil output hikes for March, sources say
Quick Summary
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.
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 about OPEC+ agrees in principle to keep planned pause in oil output hikes for March, sources say
1What 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.
2What 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.
3What 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.
4What 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.
5What 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.
