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OPEC+ reaffirms planned pause on oil output hikes until March

VIENNA, Austria — OPEC nations and oil-producing allies reaffirmed Sunday plans to keep current oil output levels unchanged until March, and agreed a mechanism to assess members' maximum production capacity, without giving any details.

The announcements were made after ministers of the Organization of the Petroleum Exporting Countries and allied nations (OPEC+) held a string of virtual meetings, including the alliance's biannual ministerial meeting.