The group decided on Sunday to leave current production levels unchanged but said it could co-ordinate possible cuts by telephone before the March meeting if it saw stocks levels rising too fast and pressuring prices.
US crude prices have eased to around $47 a barrel, some $2.50 below two-month highs hit in January. OPEC appears ready to defend oil prices at a floor of about $40 a barrel for US crude, or $35 for a reference basket of cartel crudes.
Some members worry the mid-March meet comes a little late for comfort to adjust supply. Middle East exports take six weeks to reach Western markets. Opec President Sheikh Ahmad al-Fahd al-Sabah of Kuwait said that, should inventories build too quickly and prices fall, he could call a ministerial teleconference to take action.