ASTANA – Eight leading OPEC+ producers agreed to maintain current oil output levels through February and March 2026, extending a pause on production increases due to seasonal factors, according to a statement released after the group’s meeting on Jan. 4.
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Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the United Arab Emirates also reiterated that the previously adjusted 1.65 million barrels per day could be gradually restored, in part or in full, depending on market conditions.
In a statement, the countries said they would continue to take a cautious approach to support market stability and retain flexibility to pause or reverse voluntary production cuts, including the 2.2 million barrels per day announced in November 2023.
They emphasized their commitment to 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 compensate for any overproduction from January 2024 fully.
The next OPEC+ meeting is scheduled for Feb. 1.
