Dammam: The eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually to discuss global market conditions and the outlook for oil production. These countries previously announced additional voluntary production adjustments in April and November 2023.

According to Saudi Press Agency, the countries focused on their decision from November 2, 2025, to pause production increments for the months of January, February, and March 2026. This decision aligns with seasonal market dynamics and aims to maintain stability in the oil market.

The group reiterated the possibility of adjusting their collective output by up to 1.65 million barrels per day, either in part or in full, depending on evolving market conditions. The countries emphasized their commitment to carefully monitoring market developments and conserving the flexibility to continue pausing or reversing additional voluntary production adjustments as needed. This includes potential changes to the 2.2 million barrels per day adjustment announced in November 2023.

The participating nations expressed their dedication to achieving full conformity with the Declaration of Cooperation, which encompasses the additional voluntary production adjustments. The Joint Ministerial Monitoring Committee (JMMC) will oversee these efforts to ensure compliance. The countries also pledged to address any overproduction since January 2024.

To maintain close oversight of market conditions, conformity, and compensation, the eight OPEC+ nations will conduct monthly meetings. Their next meeting is scheduled for January 4, 2026.