Several OPEC+ nations are preparing to reaffirm a decision made in november to hold steady on oil production levels, according to sources close to the group. The anticipated move comes amid ongoing concerns about global economic conditions and potential impacts to energy demand. A formal meeting scheduled for Sunday at 2:00 PM GMT will determine the final outcome, though a preliminary agreement among eight member nations suggests a continuation of the current policy through March.
Eight member nations of the OPEC+ group have reached a preliminary agreement to maintain their previously planned suspension of oil production increases in March, according to three sources with knowledge of the matter and a draft statement reviewed prior to a scheduled meeting Sunday.
The countries involved had already agreed in November to pause production increases for the first quarter. The official meeting is now set for 2:00 PM GMT, two of the sources indicated.
OPEC+ Nations Likely to Maintain Oil Production Cuts
Eight countries within the OPEC+ alliance are poised to uphold their decision to suspend planned increases in oil production through March, signaling continued caution within the group regarding global demand. The move, preliminarily agreed upon by member nations, comes as the energy market closely watches for signs of economic slowdown.
Sources familiar with the discussions confirmed that the eight nations had initially consented to the production pause for the first three months of the year back in November. This forthcoming decision reinforces that earlier commitment.
An official meeting to finalize the agreement is scheduled for 2:00 PM Greenwich Mean Time on Sunday, according to two sources. The decision to maintain current production levels underscores the group’s ongoing efforts to balance supply and demand in a volatile global market.
