Eight OPEC+ member nations agreed to maintain their pause on planned oil production increases during a virtual meeting held on February 1. The group cited seasonal demand factors and ongoing market uncertainty as the primary reasons for extending the output freeze.
The participating countries, Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, reaffirmed their decision to halt production increments originally scheduled for March 2026. This move follows an earlier agreement in November 2025 to delay the restoration of voluntary output reductions.
Under the original plan, the group intended to gradually unwind 1.65 million barrels per day (bbl/d) of voluntary cuts. However, the producers have opted for a cautious approach due to expected seasonal weakness in oil demand during the first quarter.
The group reiterated that these volumes could still return to the market either partially or in full. This re-entry would happen only in a gradual manner and remains strictly dependent on evolving market conditions. The participating nations stressed that flexibility is central to their strategy, including the potential to extend the current pause or reverse future increases if necessary.
In addition to the current pause, the group emphasized the continued importance of the larger 2.2 million bbl/d of voluntary cuts announced in late 2023. These measures remain in place to support global market stability amid concerns over demand volatility and economic growth.
The eight producers reaffirmed their collective commitment to full compliance with the OPEC+ Declaration of Cooperation. They also pledged to fully compensate for any volumes overproduced since January 2024. The Joint Ministerial Monitoring Committee (JMMC) will continue to oversee compliance and compensation progress.
The next meeting to assess market conditions and conformity is scheduled for March 1, 2026. OPEC+ is an alliance consisting of the Organization of the Petroleum Exporting Countries (OPEC) and several non-OPEC producers, including Russia, that coordinate to manage global oil supply.
