OPEC+ countries reaffirm output pause, cautious approach after market review
Eight OPEC+ countries, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on January 4, 2026, to assess global oil market conditions and the outlook, Qazinform News Agency reports.
During the meeting, the participating countries reaffirmed their earlier decision, announced on November 2, 2025, to pause planned production increases in February and March 2026. The move was attributed to seasonal factors and reflects a cautious approach to market management.
The group reiterated that the voluntary supply cuts totaling 1.65 million barrels per day could be gradually unwound, either partially or fully, depending on evolving market conditions. The countries emphasized their commitment to closely monitoring the market and maintaining flexibility, including the option to extend or reverse the additional voluntary production adjustments. This flexibility also applies to the previously implemented voluntary cuts of 2.2 million barrels per day announced in November 2023.
The eight nations also reaffirmed their collective commitment to full compliance with the Declaration of Cooperation. This includes adherence to the additional voluntary production adjustments, which will be overseen by the Joint Ministerial Monitoring Committee (JMMC). They further confirmed their intention to fully compensate for any excess production recorded since January 2024.
To ensure ongoing coordination, the OPEC+ members will continue holding monthly meetings to review market conditions, compliance, and compensation plans. The next meeting is scheduled for February 1, 2026.
