"OPEC+" It decided to freeze production increases during the first quarter of 2026
Vienna, 2 November / WAM / The UAE, the Kingdom of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and the Sultanate of Oman renewed their joint commitment to supporting the stability of the global oil market in light of the strong foundations that the oil markets are currently witnessing and the expectations of stable global economic growth.
This came during the virtual meeting held today by the eight member states of OPEC+, which had announced additional voluntary adjustments in production levels in April and November 2023. During the meeting, the global market conditions and their future prospects were reviewed.
In light of the positive indicators of the global economy and the solid foundations of the market represented by the decline in oil stock levels, the participating countries decided to adjust production by 137 thousand barrels per day out of a total of 1.65 million barrels per day of additional voluntary reductions that were announced in April 2023, with this adjustment to be implemented as of December 2025.
The eight countries also decided, due to seasonal factors, to freeze production increases during the months of January, February and March 2026.
The participating countries confirmed the possibility of gradually reproducing part or all of the quantities amounting to 1.65 million barrels per day in accordance with market developments, stressing their continued monitoring and evaluation of market conditions closely and taking the necessary measures to support its stability while maintaining full flexibility to extend, cancel or reverse any of the previous voluntary amendments, including the reductions of 2.2 million barrels per day that were announced in November 2023.
The eight countries indicated that this measure will allow accelerating the pace of compensation for excess production quantities, stressing their collective commitment to fully comply with the Declaration of Cooperation, including additional voluntary adjustments in production, which will be followed up by the Joint Ministerial Committee for Production Monitoring.
The participating countries also confirmed their intention to fully compensate for any excess production quantities since January 2024, explaining that they will hold monthly meetings to review market conditions, the level of commitment, and the compensation mechanism, with the next meeting being held on November 30, 2025.
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