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OPEC+ confirmed on Sunday that it would keep oil production stable until the first quarter of 2026, as eight key producers reaffirmed their commitment to market stability amid a stable global economic outlook and what they described as healthy oil market fundamentals.
Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman met virtually on January 4 to review global market conditions and outlook. The group reiterated its decision, first announced on November 2, 2025, to suspend planned production increases in February and March 2026, citing seasonal demand trends.
Following the meeting, OPEC+ produced the following production table for February 2026:
In a joint statement, the eight producers said current market conditions remained favorable, pointing to relatively low global inventories as a sign that the oil market is well balanced despite the sharp drop in crude prices last year. Oil prices fell more than 18% in 2025, the steepest annual decline since the pandemic, as supply growth outpaced demand and concerns about a growing glut grew.
The group also stressed that the previously announced voluntary production reductions of 1.65 million barrels per day could be returned to the market in part or in full, depending on changing market conditions, and only gradually. Producers stressed that flexibility remains at the heart of their strategy, including the ability to extend or cancel additional voluntary adjustments, such as the 2.2 million barrels per day reductions announced in November 2023.
OPEC+ further reiterated its collective commitment to fully comply with the Declaration of Cooperation. Producers have confirmed that any overproduction since January 2024 will be fully compensated, with compliance and compensation to be monitored by the Joint Ministerial Monitoring Committee (JMMC).
Despite increased geopolitical tensions, notably tensions between Saudi Arabia and the United Arab Emirates on Yemen and the uncertainty surrounding Venezuela following the US capture of President Nicolas Maduro — delegates said these developments have not changed the political orientation of the group in the short term.
The eight OPEC+ countries agreed to continue to hold monthly meetings to assess market conditions, compliance levels and progress on compensation. Their next meeting is scheduled for February 1, 2026.
By Tom Kool for Oilprice.com
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