Saudi Arabia and seven other OPEC+ member countries that had previously announced voluntary additional production adjustments in 2023 have now reaffirmed their decision to suspend production increases during the first three months of 2026 due to seasonal factors.
At a November 30 video meet, OPEC+ members, including Russia, Iraq and the UAE, alongside Kuwait, Kazakhstan, Algeria, and Oman, reiterated that the 1.65 million-barrel-per-day voluntary cuts may be gradually eased or fully lifted, subject to market conditions.
While the participating countries will continue to monitor and assess market conditions, as part of their ongoing efforts to support market stability, the nations also reaffirmed the importance of adopting a cautious approach, apart from retaining full flexibility to continue pausing or reversing additional voluntary production adjustments, including the previous voluntary adjustment of 2.2 million barrels per day announced in November 2023.
They also renewed their commitment to the “Declaration of Cooperation,” including the additional voluntary adjustments, compliance with which will be monitored by the bloc’s Joint Ministerial Monitoring Committee. The countries also affirmed their determination to fully compensate for overproduced volumes since January 2024.
In 2026, OPEC+ members will hold monthly meetings to follow up on market developments, compliance levels and the implementation of compensation plans, with the first one of the year scheduled for January 4. In light of the ongoing commitment by OPEC and non-OPEC participating countries in the “Declaration of Cooperation” to maintain oil market stability, the nations also reached several decisions.
They reaffirmed the framework of the “Declaration of Cooperation,” signed on December 10, 2016, and endorsed in subsequent meetings. They further reaffirmed that the total crude oil production level for OPEC and non-OPEC participating countries, as agreed at the 38th OPEC and non-OPEC Ministerial Meeting, will remain in effect until December 31, 2026.
The participating countries reaffirmed the authority of the Joint Ministerial Monitoring Committee (JMMC) to conduct comprehensive assessments of global oil markets, production levels, and compliance with the Declaration, with support from the OPEC Secretariat. The JMMC will meet every two months, but also has the authority to hold additional meetings or call for a Ministerial Meeting at any time to address market developments.
The member nations, apart from emphasising the importance of achieving full conformity and adherence to the compensation mechanism, also approved a plan, under which the OPEC Secretariat will be tasked with the job of with preparing a roadmap for assessing maximum sustainable production capacity to be used as a reference base level for 2027.
OPEC+ members also reaffirmed the framework of the “Charter of Cooperation,” signed on July 2, 2019, and requested the bloc’s Secretariat to prepare and translate into programmes a plan to achieve all the Charter’s objectives, which will be presented at the 41st OPEC and non-OPEC Ministerial Meeting, scheduled for June 7, 2026.