Eight leading OPEC+ members, Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed to pause their planned production increases for January to March 2026, citing seasonal demand patterns and a need for continued caution despite a steady global economic outlook and healthy oil market fundamentals.
The decision, first announced on November 2, was reaffirmed during a virtual meeting held on November 30, where the group reviewed global market conditions. The eight producers, which had previously implemented additional voluntary adjustments in April and November 2023, noted that low inventory levels continue to signal a well-balanced market.
The countries reiterated that the 1.65 million barrels per day (mmbl/d) of voluntary adjustments may be gradually restored depending on how market dynamics evolve. They also emphasized maintaining full flexibility to extend the pause or reverse the voluntary adjustments, including the 2.2 mmbl/d cuts introduced in November 2023, if required to support stability.
In October, the eight OPEC member countries agreed to raise oil output by 137,000 bbl/d in November.
Reaffirming their commitment to the Declaration of Cooperation, the eight producers pledged full conformity with agreed production levels. The Joint Ministerial Monitoring Committee (JMMC) will continue to oversee adherence to the voluntary adjustments. The group also confirmed its intention to fully compensate for any overproduction accumulated since January 2024.
To ensure close oversight, the countries will convene monthly meetings to assess market conditions, compliance, and compensation progress. Their next gathering is scheduled for January 4, 2026.
