OPEC+ delegates indicate the cartel will likely maintain its current oil production levels through March. This decision comes as the group navigates a persistent global supply surplus and heightened geopolitical risks across key producing regions. Their meeting on Sunday will confirm this stance.

Markets have been bracing for any signal on supply cuts. Keeping output steady signals a cautious approach, balancing efforts to support prices against fears of losing market share. The group has held back millions of barrels daily since late 2022 to counter demand weakness.

Investors now watch for any changes in the second quarter. The alliance’s next move will hinge on whether the global economy and fuel consumption can absorb the existing surplus. A prolonged pause could test price resilience if new disruptions emerge.