VIENNA - The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have decided to continue pausing oil output increases in February and March due to seasonal factors, OPEC said in a statement on Sunday.

The decision followed a virtual meeting of OPEC+ member countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, to review global market conditions and the economic outlook.

The eight OPEC+ countries had been raising oil output on a monthly basis since April 2025. However, they decided in late November last year to pause the increases in January, February and March 2026 due to seasonality.

According to the statement, the countries will adopt a cautious approach and maintain full flexibility to adjust output levels as needed in response to market developments.

The organization said the next meeting of the eight countries will be held on Feb 1 to make further decisions.