Ramallah: During a virtual meeting convened Sunday, the OPEC+ coalition decided to maintain current oil production levels, underscoring its commitment to managing supplies with caution and flexibility amid ongoing global market fluctuations. The meeting included eight key member countries: Saudi Arabia, Russia, the United Arab Emirates, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, which collectively produce over 33 million barrels per day, equivalent to nearly half of global oil supplies.
According to Qatar News Agency, in a statement, the eight countries reaffirmed their commitment to the decision issued on Nov. 2, 2025, which freezes any additional production increases during February and March 2026, noting that 1.65 million barrels per day could be incrementally returned, either partially or in full, depending on market developments. The coalition emphasized the importance of following a cautious and adaptable approach, while retaining the ability to extend the freeze or reverse any additional voluntary adjustments, including the previous reductions of 2.2 million barrels per day, announced in November 2023.
OPEC+ also reiterated its full commitment to the Declaration of Cooperation and to compensating for any production overages since January 2024, with these obligations monitored by the Joint Ministerial Monitoring Committee (JMMC). The statement highlighted that member countries will hold monthly meetings to review market conditions, compliance levels, and compensation mechanisms, with the next meeting scheduled for Feb. 1, 2026.
Regarding production levels for the first quarter of 2026, the eight countries agreed on quotas designed to ensure market stability, in line with positive economic forecasts and declining inventories. This decision comes at a time when global markets are under significant pressure, with oil prices down more than 18 percent since the start of 2025, marking the largest annual decline since 2020, amid growing concerns over a global supply surplus.
These developments mark escalating geopolitical tensions, including increased restrictions on Russian oil exports due to US sanctions linked to the Ukraine conflict, as well as recent developments in Venezuela, which carry potential implications for energy markets worldwide.