OPEC+ Extends Oil Production Pause into Early 2026
Eight leading OPEC+ producers – Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates – have agreed to maintain current oil output levels through February and March 2026, extending the pause on production increases due to seasonal factors.
The group confirmed that the previously adjusted 1.65 million barrels per day could be gradually restored, in part or in full, depending on market conditions. Officials emphasized a cautious approach to support market stability, retaining flexibility to pause or reverse voluntary production cuts, including the 2.2 million barrels per day adjustment announced in November 2023.
Compliance with the Declaration of Cooperation remains a priority, and the Joint Ministerial Monitoring Committee (JMMC) will continue monitoring additional voluntary production adjustments. The countries also confirmed their intention to fully compensate for any overproduction from January 2024.
The next OPEC+ meeting is scheduled for Feb. 1, 2026.
Photo credit: Reuters
