The Organization of Petroleum Exporting Countries (OPEC) and its allies have reaffirmed the decision to pause oil output increases during the first quarter (Q1) of 2026.
According to a statement on January 4, key OPEC+ members — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — held a virtual meeting to review global oil market conditions.
In April 2023 and November 2023, the eight countries announced additional voluntary production cuts.
On November 2, the countries decided to pause production increments in January, February, and March 2026 due to a projected demand slowdown.
“The eight participating countries reiterated that the 1.65 million barrels per day may be returned in part or in full, subject to evolving market conditions and in a gradual manner,” the latest statement reads.
The oil cartel said it will continue to closely monitor and assess market conditions.
As part of ongoing efforts to support market stability, the organisation said the countries reaffirmed the need for a cautious approach and full flexibility, including the option to pause or reverse additional voluntary production adjustments.
According to the oil alliance, this includes “the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023”.
“The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC),” the organisation said.
“They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
“The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation.”
The eight countries scheduled their next meeting for February 1, 2026, according to the statement.
The development comes despite the geopolitical tensions in Venezuela, a major oil producer.
On January 3, the United States captured Venezuelan President Nicolas Maduro and flew him out of his country following a barrage of missile strikes on the South American nation.
Shortly before Maduro’s capture, the US bombed Caracas, cutting the Venezuelan capital off from the national power grid.
On January 4, Donald Trump vowed to tap into Venezuela’s oil reserves after seizing Maduro, saying the US will “run” the country until a “safe” transition.
