The Organization of the Petroleum Exporting Countries (OPEC) declared on Sunday its decision to maintain consistent crude oil output levels through March — the final phase of a three-month supply halt—despite prices reaching a four-month peak due to potential US military action against Iran.
Eight major participants, spearheaded by Saudi Arabia and Russia, reconfirmed the suspension — initially established in November 2025 — via a Sunday video summit, according to an official group announcement.
Delegates indicated that deliberations regarding post-quarter strategies were deferred until their upcoming assembly on March 1, as reported by Bloomberg.
The coalition opted for stability even as crude futures exceeded $70 per barrel in London recently, following President Donald Trump’s ultimatum to Iran regarding a fresh nuclear accord or impending strikes.
The OPEC and its affiliates frequently react with deliberation to rising geopolitical hazards, generally awaiting tangible supply shifts before adjusting policy.
Crucial alliance partners technically still possess roughly 1.2 million daily barrels of sidelined production from 2023 available for restoration. De facto leader Saudi Arabia, alongside the United Arab Emirates, has displayed an inclination toward resuming output growth.
Conversely, the International Energy Agency (IEA) predicts a historic surplus in international markets as consumption growth decelerates while production surges among OPEC competitors, including the United States, Brazil, Canada, and Guyana.
JPMorgan Chase & Co. and Morgan Stanley have argued that OPEC must implement cuts to stop crude valuations from sliding, as reported by Bloomberg.
Throughout the previous year, eight OPEC members aggressively boosted production to recapture global market share; however, they consented in November to halt those expansions during the first quarter, citing a routine seasonal dip in energy demand.
Oil prices have remained unexpectedly resilient this year, supported by instability in Iran and logistical interruptions in Kazakhstan.
Additionally, significant ambiguity surrounds the petroleum industry in Venezuela, which US President Trump pledged to revitalize following the removal of former leader Nicolas Maduro.
Increasing production has presented a complex challenge for the Saudis. While the strategy helped the kingdom’s economy achieve its swiftest growth in three years during 2025, the prior year’s 18% price drop compelled Riyadh to reduce investment in major initiatives and pursue external financing to cover budget deficits.
The full OPEC pumps about half of the world’s oil.
A separate OPEC panel called the Joint Ministerial Monitoring Committee also met on Sunday. The JMMC does not have decision-making authority on production policy.
The JMMC stressed the importance of achieving full compliance with OPEC output agreements, a statement on OPEC’s website said.