OPEC+ producers to keep output steady in March
Sopuruchi Onwuka, with agency reports
The Organization of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, will keep crude oil production unchanged in March.
The decision was reached on Sunday at a meeting of key OPEC+ members, reaffirming earlier agreements amid heightened geopolitical uncertainty and firmer oil prices.
According to reports from the brief meeting, eight OPEC+ countries — Saudi Arabia, Russia, the United Arab Emirates (UAE), Kazakhstan, Kuwait, Iraq, Algeria, and Oman — agreed to maintain current production levels in order to support price stability after Brent crude settled near $70 per barrel on Friday.
Oil prices have been supported by market concerns that the United States could launch a military strike against Iran, an OPEC member, potentially disrupting supply.
The eight producers had earlier agreed to increase output quotas by a combined 2.9 million barrels per day between April and December 2025, representing about 3 per cent of global oil demand. However, in November, the group froze additional increases planned for January to March 2026, citing seasonally weak demand. Sunday’s meeting reaffirmed that decision, following similar outcomes in January and February.
A statement issued after the meeting did not provide guidance on production policy beyond March.
According to Jorge Leon, head of geopolitical analysis at Rystad Energy and a former OPEC official, the group is keeping its options open amid growing uncertainty over US–Iran tensions. He added that OPEC’s own data show demand for OPEC+ crude declining in the second quarter, which could limit room for further production increases.
Tensions surrounding Iran remain high, with the United States applying both military pressure and diplomatic engagement. Any escalation could affect Iran’s export volumes and threaten shipping through the Strait of Hormuz, a critical global oil transit route.
Meanwhile, Venezuela continues to export crude oil to the United States under its interim government, while Washington is gradually easing sanctions on the country. This development is expected to lead to a modest increase in global oil supply.
