The eight OPEC+ countries, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, have gathered virtually to assess global market conditions and the outlook for the oil industry.
According to the statement, this meeting follows previous voluntary adjustments announced in April and November 2023. The eight participating OPEC+ countries reaffirmed their decision on 2 November 2025 to pause production increments in January, February, and March 2026 due to seasonality as detailed in the table below.
The eight participating OPEC+ 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 countries emphasized their commitment to closely monitoring and evaluating market conditions. In their ongoing efforts to support market stability, they reiterated the importance of maintaining a cautious approach and preserving flexibility to either pause or reverse the additional voluntary production adjustments. This includes the 2.2 million barrels per day reduction announced in November 2023.
The eight countries reaffirmed their collective commitment to ensuring full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments, which will be closely monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volumes since January 2024.
Regular OPEC+ Meetings to Assess Market Conditions
The eight OPEC+ countries have agreed to hold monthly meetings to closely monitor market conditions, assess conformity with production targets, and address any compensation for overproduction. These regular sessions will ensure that adjustments are made in real-time to maintain market stability.
The next meeting is scheduled for 4 January 2026, where the countries will review the latest data and discuss further actions to align production levels with their collective goals, as per the statement.
