OPEC Plus Likely to Maintain Oil Production Pause for March as Sunday Meeting Approaches

OPEC Plus delegates indicate the group will likely keep production pauses for March. This comes as Brent crude prices remain near six-month highs recently.

Insights:
Three OPEC+ delegates have informed Reuters that the organization is likely to maintain its planned pause on oil production increases for March when it meets on Sunday. The session involving eight key members is scheduled to begin at 1330 GMT. The broader OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries plus Russia RURUand other allies, is responsible for pumping approximately half of the world's oil supply.
People walk past an installation depicting a barrel of oil with the logo of the Organization of the Petroleum Exporting Countries (OPEC) during the COP29 United Nations climate change conference in Baku, Azerbaijan on November 19, 2024. REUTERS/Maxim Shemetov/File Photo
People walk past an installation depicting a barrel of oil with the logo of the Organization of the Petroleum Exporting Countries (OPEC) during the COP29 United Nations climate change conference in Baku, Azerbaijan on November 19, 2024. REUTERS/Maxim Shemetov/File Photo
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