OPEC+ agrees to keep oil output unchanged for March

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OPEC+ announced in a statement on its website that it has agreed to maintain its oil production levels for March, according to Reuters, adding that this was decided during a meeting held online on Sunday.

Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to oil market stability, based on a stable global economic outlook and healthy market fundamentals reflected in declining inventory levels.

The eight OPEC+ countries stated today on their official website that they reaffirmed their decision of November 2, 2025, to suspend production increases in March 2026 for seasonal reasons.

They explained that the 1.65 million barrels per day (bpd) reduction could be partially or fully implemented gradually, depending on market developments, while maintaining a cautious approach and full flexibility to continue suspending or reversing voluntary adjustments, including the 2.2 million bpd voluntary cuts announced in November 2023.

The countries also emphasized their full commitment to the Declaration of Cooperation, including additional voluntary adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC), and affirmed their intention to compensate for any overproduction starting in January 2024.

The eight countries will hold monthly meetings to review market conditions, compliance, and compensation mechanisms, with the next meeting scheduled for March 1, 2026, the statements added.