Riyadh: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on steady global economic outlook and current healthy oil market fundamentals as reflected in low inventories

According to Saudi Press Agency, the eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, met virtually on February 1, 2026, to review global market conditions and outlook.

The eight participating countries reaffirmed their decision on November 2, 2025, to pause production increments in March 2026 due to seasonality. They highlighted the possibility of returning the 1.65 million barrels per day in part or in full, subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions, reaffirming the importance of adopting a cautious approach and retaining full flexibility to pause or reverse additional voluntary production adjustments, including the previously implemented voluntary adjustments of 2.2 million barrels per day announced in November 2023.

The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024.

The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The next meeting is scheduled for March 1, 2026.