OPEC+ Member States Maintain Production Pause, Reaffirm Flexible Supply Policy
On February 1, eight OPEC+ member countries—Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman—held a virtual meeting to review global oil market conditions and future prospects, as reported by the organization’s press service.
Following deliberations, the member states confirmed their decision to maintain the current level of production in March 2026, pausing previously planned output increases due to seasonal considerations. The group emphasized that this cautious approach is essential to preserve stability in global oil markets amid ongoing supply and demand dynamics.
The participating countries also reiterated that the previously announced voluntary production reductions of 1.65 million barrels per day could be gradually restored, either in part or in full, depending on market developments. They reaffirmed their readiness to adjust or reverse earlier voluntary cuts, including the 2.2 million barrels per day reduction announced in November 2023, to support market balance.
Under the agreement, March production quotas remain unchanged from December 2025, as follows:
- Saudi Arabia: 10.103 million barrels per day
- Russia: 9.574 million barrels per day
- Iraq: 4.273 million barrels per day
- United Arab Emirates: 3.411 million barrels per day
- Kuwait: 2.580 million barrels per day
- Kazakhstan: 1.569 million barrels per day
- Algeria: 971,000 barrels per day
- Oman: 811,000 barrels per day
The member states emphasized their collective commitment to full compliance with the OPEC+ Declaration of Cooperation. Production levels and compensation for any overproduction from January 2024 will continue to be closely monitored by the Joint Ministerial Monitoring Committee (JMMC).
The group confirmed that monthly meetings will continue to evaluate market conditions, compliance, and compensation mechanisms. The next scheduled OPEC+ meeting is set for March 1, 2026.
Photo credit: Reuters
