Overview
- Eight producers — Saudi Arabia, Russia, the UAE, Iraq, Kuwait, Kazakhstan, Algeria and Oman — confirmed they will hold production targets unchanged through March 2026.
- The group said up to 1.65 million barrels per day of previously eased cuts could return gradually if conditions warrant, with monthly reviews and a next meeting set for February 1, 2026.
- Oil prices fell more than 18% in 2025 as supply growth outpaced demand, reinforcing the decision to prioritize stability in a market facing surplus risks.
- Delegates noted the U.S. capture of Venezuela’s President Nicolas Maduro introduces fresh uncertainty, yet they made no immediate policy change given Venezuela’s limited near‑term output capacity.
- Tensions between Saudi Arabia and the UAE over Yemen surfaced recently, but officials said the alliance remains focused on compliance and market management through the JMMC.