OPEC+ keeps oil output hikes on hold

Eight members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have collectively re-affirmed their pause production hikes in March 2026.

IMAGE: OPEC's logo. Getty Images

In November, the eight members decided to pause production hikes in the first quarter of this year and reiterated the decision at its latest meeting on 1 February.

The decision to pause the production increase has put some downward pressure on Brent crude’s price as it comes at a time when a potential supply glut continues to weigh on the oil market, analysts said.

“Over the weekend, OPEC+ reaffirmed its pause on supply increases through March, completing a three‑month freeze, first agreed in November,” two analysts from ING Bank noted.

Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman have reiterated that the 1.65 million b/d “may be returned in part or in full subject to evolving market conditions and in a gradual manner,” the group said in a statement.

“The group [OPEC] offered no guidance on policy beyond the first quarter, ahead of its next meeting on 1 March,” ING Bank’s analysts added.

The group’s de facto leader, Saudi Arabia, is set to produce about 10.1 million b/d of crude oil in March, while its second-largest producer, Russia, will pump around 9.6 million b/d over the same period – largely matching its February production levels.

Iraq is expected to produce about 4.3 million b/d next month, and the UAE will pump about 3.4 million b/d during the same time.

The eight OPEC+ members will next meet on 1 March 2026 to “review market conditions, conformity, and compensation.”

By Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online