OPEC+ to keep oil output levels unchanged in March: Report

OPEC+ is likely to maintain pausing production increases in March

OPEC+ is expected to maintain its decision to pause production increases in March at a meeting scheduled for this weekend, as a global supply glut persists and geopolitical risks continue to rise, sources familiar with the matter told Bloomberg.

The alliance’s members will hold their monthly meeting on Sunday to review the policy first adopted in November, which calls for suspending any additional supply increases during the first quarter of this year.

Four sources said current expectations point to keeping production policy unchanged, although two noted that formal discussions among member states have not yet begun.

The sources added that there are so far no indications that the group needs to respond to recent turbulence in Venezuela and Iran. However, one source said any major supply disruption could prompt OPEC+ to raise output to offset potential shortages.