ASIATODAY.ID, VIENNA — Eight key OPEC+ producers led by Saudi Arabia and Russia have doubled down on supply discipline, reaffirming their commitment to market stability as they freeze planned production increases amid what they describe as a “healthy” global oil market with low inventories.
Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met virtually on January 4, 2026 to assess global economic conditions and the oil market outlook. The group agreed to uphold its earlier decision, announced on 2 November 2025, to pause production increases in February and March 2026, citing seasonal demand patterns.
Despite the pause, the producers emphasized flexibility. The group reiterated that up to 1.65 million barrels per day (bpd) could be gradually returned to the market—either partially or in full—depending on evolving market conditions.
However, any move will be carefully calibrated to avoid destabilizing prices.
The eight countries also stressed their readiness to extend or reverse additional voluntary cuts, including the 2.2 million bpd reduction announced in November 2023, if market fundamentals weaken. Monitoring will continue under the Joint Ministerial Monitoring Committee (JMMC), which oversees compliance with the Declaration of Cooperation.
In a further signal of discipline, the group confirmed its collective commitment to full conformity with agreed output levels and pledged to fully compensate for any overproduction recorded since January 2024.
To maintain tight oversight, the eight OPEC+ members will hold monthly meetings to review market conditions, compliance, and compensation mechanisms. The next meeting is scheduled for 1 February 2026.
The decision underscores OPEC+’s strategy to actively manage supply in 2026, reinforcing its role as a decisive force in global oil markets as geopolitical risks and economic uncertainty continue to shape energy prices. (AT Network)
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