OPEC+ Agrees to Keep Oil Output Pause for March

Crude prices hit six-month highs amid U.S. tensions with Iran

Feb. 1, 2026 at 5:31am

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OPEC+ has agreed in principle to maintain its planned pause on oil output increases for March, according to delegates and a draft statement seen by Reuters. The decision comes as Brent crude prices have reached six-month highs, driven by concerns over potential U.S. military action against OPEC member Iran. The group is not expected to make any decisions beyond March at its meeting on Sunday.

Why it matters

OPEC+ controls about half of the world's oil production, so its decisions on output levels have a significant impact on global crude prices. The potential for U.S. military action against Iran, a major oil producer, is also a key factor influencing oil market volatility and prices.

The details

OPEC+ includes the Organization of the Petroleum Exporting Countries, plus Russia and other allies. The group raised production quotas by about 2.9 million barrels per day from April through December 2025, but then froze further planned increases for January through March 2026 due to seasonally weaker consumption. Sunday's meeting is not expected to take any decisions for output policy beyond March.

  • OPEC+ raised production quotas by about 2.9 million barrels per day from April through December 2025.
  • OPEC+ froze further planned increases for January through March 2026.
  • Sunday's OPEC+ meeting is scheduled to start at 1400 GMT.
  • The next OPEC+ meeting is planned for March 1.

The players

OPEC+

An alliance of the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers, including Russia.

Donald Trump

The President of the United States, who is weighing options on Iran that include targeted strikes against security forces and leaders.

Iran

An OPEC member country that is the subject of extensive U.S. sanctions aimed at choking off its oil revenue.

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What’s next

The OPEC+ group is scheduled to hold its next meeting on March 1 to discuss output policy beyond March.

The takeaway

OPEC+'s decision to maintain its oil output pause for March reflects the group's efforts to balance global supply and demand amid ongoing geopolitical tensions, particularly the potential for U.S. military action against Iran. This decision will have significant implications for crude prices and the global energy landscape.