ASTANA — The eight OPEC+ countries — Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the UAE — met virtually on Nov. 30 to review global market conditions and the outlook.
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The participating countries reaffirmed their Nov. 2 decision to pause production increases in January, February, and March 2026 due to seasonal factors. They also reiterated that the previously adjusted 1.65 million barrels per day may be gradually returned in part or in full, depending on evolving market conditions, reported OPEC press service.
In their statement, the countries emphasized their continued efforts to support market stability, adopting a cautious approach and retaining full flexibility to pause or reverse voluntary production adjustments, including the 2.2 million barrels per day announced in November 2023.
The eight nations also stressed their collective commitment to fully comply with the Declaration of Cooperation. The additional voluntary production adjustments will be monitored by the Joint Ministerial Monitoring Committee (JMMC), and the countries confirmed their intention to fully compensate for any overproduction since January 2024.
OPEC+ will continue monthly meetings to review market conditions, conformity, and compensation, with the next meeting scheduled for Jan. 4 next year.
