Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
The eight OPEC+ countries agreed to reaffirm their earlier decision to pause production increments in February and March 2026, citing seasonality and current market conditions, according to a statement issued on Sunday.
The countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman — met virtually on January 4 to review global market conditions and the outlook. The group said the decision reflects a steady global economic outlook and what it described as healthy oil market fundamentals, as indicated by low inventory levels.
The eight participating countries reaffirmed a decision taken on November 2, 2025, to pause production increments during February and March 2026 due to seasonal demand patterns.
They also reiterated that the voluntary production adjustment of 1.65 million barrels per day could be returned in part or in full in a gradual manner, depending on evolving market conditions. The group said it would continue to closely monitor and assess the market, while retaining full flexibility to pause or reverse the additional voluntary production adjustments if required.
The statement added that the eight countries reaffirmed their collective commitment to achieving full conformity with the Declaration of Cooperation, including previously announced voluntary adjustments totalling 2.2 million barrels per day. These commitments will continue to be monitored by the Joint Ministerial Monitoring Committee.
The countries also confirmed their intention to fully compensate for any overproduced volumes since January 2024.
According to the statement, the eight OPEC+ countries will hold monthly meetings to review market conditions, conformity and compensation. The next meeting is scheduled for February 1, 2026.
Sunday's brief online meeting reaffirmed earlier policy, and did not discuss Venezuela, one OPEC+ delegate told Reuters.
"Right now, oil markets are being driven less by supply–demand fundamentals and more by political uncertainty," said Jorge Leon, head of geopolitical analysis at Rystad Energy and a former OPEC official. "And OPEC+ is clearly prioritising stability over action.”
