OPEC+ countries to keep oil production pause for March
The eight OPEC+ countries agreed to maintain a planned pause in their oil production increments for March, the OPEC announced, Qazinform News Agency reports.
The decision came after a virtual meeting on 1 February 2026, focusing on global market conditions and outlook.
The eight participating countries, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, reaffirmed their November 2025 decision to pause production increments in March 2026 due to seasonality.
The statement said the eight participating countries reiterated 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 countries will continue adopting a cautious approach and retaining full flexibility to keep pausing or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023, reads the statement.
The eight OPEC+ countries will hold the next meeting on 1 March 2026.
Earlier, Qazinform reported the OPEC Fund is to finance projects in Kazakhstan.