Riyadh: The OPEC+ group has once again reaffirmed its commitment to maintaining stability in the oil market, citing a stable global economic outlook and positive market fundamentals, as reflected in declining oil inventories.
The Saudi Press Agency reported that the statement came during a virtual meeting of the OPEC+ group, which includes Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, held today to review recent market developments and future prospects.
The eight countries reiterated their decision made on November 2, 2025, to suspend production increases during January, February, and March 2026, due to seasonal factors.
They also reaffirmed that the current output cuts of 1.65 million barrels per day may be gradually reinstated, partially or fully, depending on market conditions, and that participating countries will continue to monitor and assess market circumstances closely.
In its ongoing efforts to support market stability, the group stressed the importance of a cautious approach and maintaining full flexibility to continue pausing or reversing voluntary production adjustments, including the previous voluntary cuts of 2.2 million barrels per day announced in November 2023.
The eight countries confirmed their commitment to cooperation, including monitoring adherence to additional voluntary adjustments through the Joint Ministerial Monitoring Committee, and affirmed their intention to fully compensate for any production overages since January 2024.
Monthly meetings will be held to track market developments, compliance levels, and the implementation of compensation plans, with the next session scheduled for January 4, 2026.
