The eight members of the OPEC+ group, including the Kingdom of Saudi Arabia, Russia, Iraq, the United Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which had announced additional voluntary amendments in April and November 2023, met via video conference on February 1, 2026 to consider oil market trends and their future prospects.
On November 2, 2025, the eight participating countries reaffirmed their decision to suspend production increases during March 2026, taking into account seasonal factors.
The eight participating countries reaffirmed that the cuts amounting to 1.65 million barrels per day could be partially or fully restored in stages depending on market variables.
maintain complete flexibility
Participating countries will continue to closely monitor and assess market conditions. As part of their continued efforts to support market stability, the eight countries reiterated the importance of adopting a cautious approach and maintaining full flexibility to continue to suspend or withdraw additional voluntary production adjustments, including the previous voluntary production adjustment of 2.2 million barrels per day announced in November 2023.
Production compliance monitoring
The eight countries renewed their commitment to the Cooperation Declaration, which includes additional voluntary amendments whose compliance will be monitored by a Joint Ministerial Monitoring Committee. Both countries also confirmed their intention to compensate for all excess production from January 2024 onwards.
The eight countries will meet monthly to follow up on market trends, levels of commitment and implementation of compensation plans, with the next meeting scheduled for March 1, 2026.
The eight member countries of the OPEC+ group, including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, which had announced additional voluntary adjustments in April and November 2023, held a meeting via video conference on February 1, 2026 to consider oil market trends and future prospects.
On November 2, 2025, the eight participating countries reiterated their decision to suspend production increases during March 2026 due to seasonal factors.
The eight participating countries reaffirmed that the 1.65 million barrel per day reduction could be partially or fully restored in stages depending on market variables.
maintain complete flexibility
Participating countries will continue to closely monitor and assess market conditions. In the context of continued efforts to support market stability, the eight countries reiterated the importance of adopting a cautious approach and maintaining full flexibility to continue suspending or withdrawing further voluntary production adjustments, including the previous voluntary production adjustment of 2.2 million barrels per day announced in November 2023.
Manufacturing compliance monitoring
The eight countries renewed their commitment to the Cooperation Declaration, including additional voluntary arrangements whose compliance will be monitored by a Joint Ministerial Monitoring Committee. The countries also confirmed their intention to fully cover all excess production from January 2024 onwards.
The eight countries will meet monthly to follow up on market trends, compliance levels and the implementation of compensation plans, with the next meeting scheduled for March 1, 2026.
