ALMATY – Eight OPEC+ member countries have reaffirmed their commitment to oil market stability, citing a steady global economic outlook and healthy market fundamentals reflected in relatively low inventories.
Photo credit: Reuters
Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman held a virtual meeting on Feb. 1 to review current market conditions and future prospects, reported the organization’s press service.
Following the meeting, the countries confirmed their earlier decision to pause planned production increases in March 2026 due to seasonal factors. They stressed that this cautious approach remains necessary to ensure continued balance in global oil markets.
The eight producers also reiterated that the previously announced 1.65 million barrels per day in voluntary cuts could be gradually returned to the market, either partially or in full, depending on evolving market conditions. They emphasized their readiness to pause or reverse adjustments if needed, including the earlier voluntary reductions totaling 2.2 million barrels per day announced in November 2023.
Production quotas for March will remain at the same levels as in December 2025. Under the agreement, Saudi Arabia’s output is set at 10.103 million barrels per day, while Russia’s quota stands at 9.574 million barrels per day. Iraq is allocated 4.273 million barrels per day, and the UAE – 3.411 million barrels per day. Kuwait’s production level is fixed at 2.580 million barrels per day, Kazakhstan’s at 1.569 million barrels per day, Algeria’s at 971,000 barrels per day, and Oman’s at 811,000 barrels per day.
The countries underlined their collective commitment to full compliance with the OPEC+ Declaration of Cooperation. Production levels and compensation for any overproduction from January 2024 will continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC). The group confirmed that monthly meetings will continue to assess market conditions, conformity, and compensation mechanisms, with the next meeting scheduled for March 1.
