OPEC+ Reaffirms Q1 2026 Oil Output Pause After Brief Online Meeting

Overview

• Eight producers — Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — confirmed pausing planned increases in January, February and March 2026.
• Members will track market conditions closely and keep full flexibility to pause or reverse voluntary adjustments, including the 2.2 million bpd measure announced in November 2023.
• The coalition reiterated a commitment to full compliance with the Declaration of Cooperation and to fully compensate any overproduction since January 2024.
• A short online session reaffirmed the policy, a delegate said Venezuela was not discussed, and the next review is scheduled for February 1, 2026.
• The move follows an over 18% drop in oil prices in 2025 on oversupply concerns and a prior increase of roughly 2.9 million bpd in production targets by the same eight members.