OPEC+ is set to extend the pause in its oil production increase during March. According to the group’s delegates, the decision will be discussed at a key meeting marked by the rebound in international prices and geopolitical factors that influence supply.
Oil production continues without delays
At the beginning of the year, Brent oil prices climbed to levels not seen since August, surpassing the barrier of 70 dollars per barrel. This movement is explained by a combination of lower seasonal supply and the uncertainty generated by a possible hardening of the political scenario in the Middle East.
In the meantime, the eight countries that make up OPEC’s core OPEC core+ maintain a coordinated strategy. Saudi Arabia and Russia lead a bloc that also includes the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman. Between April and December 2025, this group raised its production by about 2.9 million barrels per day, a volume equivalent to about three percent of global demand.
Subsequently, the cartel opted to halt further increases planned for the first months of 2026. According to sources close to the negotiations, lower winter consumption and the need to maintain market balance outweighed signs of recovery in some key fields.
In this context, the Tengiz oil field in Kazakhstan is beginning to normalize its activity after previous interruptions. Even so, the delegates consulted agree that this factor would not be enough to justify an immediate change in pumping policy.
For now, all indications are that OPEC+ will limit its decision to maintaining the current production level during March. Any subsequent adjustment would be subject to the evolution of crude oil prices, global demand and the development of the geopolitical risks that currently dominate the energy agenda.
Source: Reuters
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