OPEC+ Market Stability Reaffirmed As Eight Members Pause Production Into 2026

Eight OPEC+ countries will keep planned oil output increases on hold in early 2026, while maintaining scope to adjust supplies each month in line with global demand. Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman agreed to keep a cautious stance.

The countries had earlier introduced additional voluntary adjustments in April and November 2023. During a virtual meeting on , representatives reviewed global oil market trends and the supply outlook. They also confirmed an earlier decision on , pausing production increments for February and March 2026 because of seasonal factors.

The eight OPEC+ countries restated that the 1.65 million barrels per day can be restored, partially or fully, depending on market developments. Any change would be gradual. They further stressed that supporting market stability remains a priority, and that flexibility to pause or reverse extra voluntary production changes must be preserved.

The statement covered previously introduced voluntary reductions totalling 2.2 million barrels per day, announced in November 2023, which also remain subject to review. The eight countries confirmed continued adherence to the Declaration of Cooperation, including all additional voluntary adjustments. Oversight of these commitments will remain with the Joint Ministerial Monitoring Committee, which will assess performance and report on compliance.

The eight OPEC+ countries said they intend to fully offset any overproduction recorded since January 2024. They will hold monthly meetings to evaluate market conditions, production conformity and progress on compensation. A further joint meeting is scheduled for . The announcement was released through SPA at 15:37 local time, 12:37 GMT.

With inputs from SPA