US EditionOPEC+ agrees in principle to keep oil output pause for March: Report
OPEC+ keeps March oil output steady despite crude prices near six-month highs amid US-Iran tensions, with eight key producers representing about half of global supply.
- On Feb 1, OPEC+ delegates said the group agreed in principle to maintain its March oil output pause, according to a draft statement.
- Geopolitical risk, including possible U.S. action on Iran, and supply disruptions supported prices and influenced OPEC+ delegates' March output talks.
- The eight producers had raised quotas by about 2.9 million bpd in 2025, and Brent crude was near $70, and reached a six-month high of $71.89 on Thursday.
- Sources said the group planning March 1 will likely avoid major decisions beyond that date, and the JMMC does not have decision‑making authority, clarifying its supervisory role.
- OPEC+ as a bloc controls about half of global oil, and the eight producers raised quotas by about 2.9 million barrels per day in 2025, roughly 3% of global demand, underscoring their influence on supply dynamics.
53 Articles
53 Articles
OPEC+ Extends Output Pause Amid Glut Concerns
OPEC+ confirmed its plans to extend the pause on crude oil production hikes to March this year, citing “healthy oil market fundamentals as reflected in low inventories.” In a press release late Sunday, OPEC+ said that “the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner.” The announcement comes as no surprise, after the producer group indicated earlier this month it sa…
New York Post
AGBIOPEC+ to keep oil output unchanged as Iran tensions boost prices
OPEC+ agreed to keep its oil output unchanged for March at a meeting, the producer group said on Sunday, even after crude prices hit six-month highs on concern the US could launch a military strike on OPEC member Iran.
OPEC Affirms Earlier Decision to Pause Production Increases
11 min ago OPEC Affirms Earlier Decision to Pause Production Increases The oil cartel has affirmed its earlier decision to pause production increases after an online meeting on Sunday. The move comes despite threats by the U.S. against Iran have sent the price of oil higher in recent days. The…
OPEC+, the alliance of oil-producing countries led by Saudi Arabia and Russia, confirmed this Sunday that it will keep its production stable and therefore the level of its supply next month. The decision is taking place in full swing of crude prices due to the escalation of tension between the United States and Iran.Continue reading...
An eventual attack on Iran puts in focus the Strait of Ormuz, through which almost 20% of the oil consumed by the world circulates
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