OPEC+ has announced that it will maintain current oil production levels throughout the first quarter of 2026, as key producers reaffirm their commitment to market stability in the face of a positive global economic outlook and robust oil market fundamentals.
On January 4, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman held a virtual meeting to review global market conditions and projections. The group confirmed their decision, originally declared on November 2, 2025, to halt planned production increases in February and March 2026 due to seasonal demand patterns.
Following the meeting, OPEC+ released a production table for February 2026, highlighting the group’s unified stance on maintaining stable oil production levels. The producers emphasized that despite a significant drop in crude prices in 2025, the oil market remains well balanced, with low global inventories supporting current market conditions.
In a joint statement, the eight producers stated that they are prepared to gradually reintroduce the previously announced 1.65 million barrels per day of voluntary production cuts back into the market as needed, depending on evolving market dynamics. They highlighted the importance of flexibility in their strategy, including the potential extension or reversal of additional voluntary adjustments, such as the 2.2 million barrels per day of cuts announced in November 2023.
Moreover, OPEC+ reiterated its commitment to full conformity with the Declaration of Cooperation, ensuring that any overproduction since January 2024 will be fully compensated. Compliance and compensation will be monitored by the Joint Ministerial Monitoring Committee (JMMC) to maintain market stability.
Despite ongoing geopolitical tensions and uncertainties, including conflicts between Saudi Arabia and the UAE over Yemen and questions surrounding Venezuela following the U.S. capture of President Nicolas Maduro, delegates confirmed that these factors did not alter the group’s near-term policy stance.
The eight OPEC+ countries agreed to continue holding monthly meetings to assess market conditions, compliance levels, and compensation progress. The next meeting is scheduled for February 1, 2026, as the group remains focused on maintaining a balanced and stable oil market.
Written by Tom Kool for Oilprice.com
