OPEC+ countries have confirmed the suspension of the planned increase in oil production during the first quarter of 2026, reaffirming their commitment to supporting market stability amid expectations of a stable global economic outlook and strong market fundamentals, according to a statement issued by OPEC today.
The OPEC+ meeting came a day after the arrest of Venezuelan President Nicolás Maduro, whose country holds the world’s largest oil reserves. Observers had expected the development to prompt the alliance to reconsider its supply policy. However, Bloomberg quoted delegates from OPEC+ member states as saying that events in Venezuela would not affect OPEC+ policies and that it is premature to adjust oil production.
Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed during today’s virtual meeting their decision issued on November 2, 2025, to suspend the scheduled production increases for February and March, taking seasonal factors into account.
The alliance had agreed last November to an additional oil production increase of 137,000 barrels per day starting in December, but decided to freeze the increase planned for the first quarter due to seasonal considerations.
Oil prices were volatile on the first trading day of 2026, as expectations of oversupply were offset by the impact of geopolitical risks on production in several OPEC+ member countries. Brent crude futures settled below $61 per barrel in a session marked by relatively weak liquidity, while West Texas Intermediate crude settled at $57 per barrel.
Returning Barrels to the Market Subject to Developments
The eight OPEC+ countries participating in today’s meeting reviewed global market conditions and outlooks. These countries had previously announced additional voluntary production adjustments.
The alliance stressed that 1.65 million barrels per day could be returned to the market partially or fully, in a gradual manner, depending on market developments. The countries reaffirmed that they will continue to closely monitor and assess the market, emphasizing the importance of adopting a cautious approach and maintaining full flexibility to continue suspending or reversing the additional voluntary adjustments, including the 2.2 million barrels per day of cuts announced in November 2023.
The countries agreed to hold monthly meetings to review market conditions, compliance levels, and compensation mechanisms, with the next meeting scheduled for February 1.
During the 40th ministerial meeting held at the end of last November, OPEC+ members agreed to use the mechanism for reviewing maximum sustainable production capacity as a reference for production in 2027, reiterating the alliance’s commitment to oil market stability, which has kept approved production levels unchanged through the end of the current year. Members also agreed to hold the next ministerial meeting on June 7 next year.
