OPEC+ Opts to Prolong Suspension of Oil Production

(MENAFN) The Organization of the Petroleum Exporting Countries (OPEC) and its partner nations, collectively known as OPEC+, have opted to extend their suspension of oil production hikes throughout February and March, citing seasonal demand patterns, OPEC announced in a Sunday statement.

The determination came following a virtual conference among OPEC+ member states, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, convened to assess worldwide market dynamics and economic projections.

The eight-nation OPEC+ coalition had been incrementally boosting crude output on a month-to-month basis starting in April 2025. Yet in late November of last year, the group chose to halt these increases for January, February and March 2026 based on seasonal considerations.

The statement indicates the nations will embrace a measured strategy while retaining complete adaptability to modify production volumes as necessary in reaction to market shifts.

The cartel stated the eight countries will reconvene on February 1 to determine subsequent actions.

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