The 8 OPEC+ countries comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on 4 January 2026 to assess global oil market conditions and the outlook for the months ahead.
The countries, which had previously announced additional voluntary production adjustments in April and November 2023, reaffirmed their 2 November 2025 decision to pause planned production increases in February and March 2026. The pause was attributed to seasonal market factors, as outlined in the agreed schedule.
The 8 producers reiterated that the combined 1.65 million barrels per day of voluntary cuts could be returned to the market either partially or in full, depending on evolving market conditions, and would be implemented gradually. Emphasizing their commitment to market stability, the countries stressed the importance of maintaining a cautious approach and full flexibility, including the option to extend or reverse the voluntary adjustments. This flexibility also applies to the previously implemented 2.2 million barrels per day of voluntary cuts announced in November 2023.
The group reaffirmed its collective commitment to full compliance with the Declaration of Cooperation, including adherence to the voluntary production adjustments, which will continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC). The countries also confirmed their intention to fully compensate for any volumes overproduced since January 2024.
The eight OPEC+ countries will continue to meet on a monthly basis to review market conditions, conformity, and compensation. Their next meeting is scheduled for 1 February 2026.
