OPEC Plus Agrees in Principle to Maintain Oil Output Levels through March

OPEC Plus producers agreed in principle to hold output steady for March. The decision comes as Brent prices hover near six-month highs amid geopolitical risks.

洞察:
OPEC+ (Organization of the Petroleum Exporting Countries plus Russia RURUand other allies) pumps about half of the world’s oil. On Sunday, eight members of the group agreed in principle to keep oil output unchanged for March, according to three delegates and a draft statement seen by Reuters. The meeting, which was scheduled to start at 1400 GMT according to two sources, involved Saudi Arabia SASA, Russia, the United Arab Emirates AEAE, Kazakhstan KZKZ, Kuwait KWKW, Iraq IQIQ, Algeria DZDZ, and Oman OMOM.
People walk past an installation of an oil barrel featuring 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 of an oil barrel featuring 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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