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OPEC+ Keeps March Quotas Unchanged as Compensation Cuts Trim February Allowance

The group cited market volatility tied to geopolitics, keeping withheld barrels on standby.

A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo
People walk past an installation depicting barrel of oil with the logo of Organization of the Petroleum Exporting Countries (OPEC) during the COP29 United Nations climate change conference in Baku, Azerbaijan November 19, 2024. REUTERS/Maxim Shemetov/File Photo
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Overview

  • OPEC+ confirmed March 2026 quotas will stay at December 2025 levels, extending the pause on planned output increases.
  • The bloc reiterated that 1.65 million bpd of previously withheld supply could return gradually if conditions warrant.
  • TASS calculations show the aggregate February quota fell by about 293,000 bpd to 32.584 million bpd due to higher compensation for past overproduction.
  • Iraq, the UAE, Kazakhstan, and Oman face a combined 708,000 bpd in compensation obligations for February under schedules running through June.
  • The JMMC reported compliance for November–December 2025 and recommended no policy change, as officials flagged volatility linked to Iran and Venezuela and noted recent price strength near $70 with disruptions in Kazakhstan.