OPEC+ States Uphold Pause on Early 2026 Production Increases
Eight OPEC+ member countries — Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the UAE — held a virtual meeting on Nov. 30 to assess global market dynamics and the outlook.
The participants reaffirmed their Nov. 2 decision to pause planned production increases in January–March 2026 due to seasonal factors. They also reiterated that the previously adjusted 1.65 million barrels per day may be gradually restored, in full or in part, depending on market developments, according to OPEC’s press service.
In their joint statement, the countries emphasized their continued commitment to market stability, maintaining a cautious stance and preserving full flexibility to pause or reverse voluntary production adjustments, including the 2.2 million barrels per day announced in November 2023.
The eight nations also confirmed adherence to the Declaration of Cooperation. The Joint Ministerial Monitoring Committee (JMMC) will oversee the additional voluntary adjustments and monitor full compensation for any overproduction since January 2024.
OPEC+ will continue its monthly assessments of market conditions, conformity, and compensation. The next meeting is scheduled for Jan. 4.
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