2026-02-05 07:50:00
8 OPEC+ ADJUSTMENTS
OPEC - Feb 1, 2026 - The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 1 February 2026, to review global market conditions and outlook.
The eight participating countries reaffirmed their decision on 2 November 2025 to pause production increments in March 2026 due to seasonality as detailed in the table below.
The eight participating countries reiterated that the 1.65 million barrels per day may be returned 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, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 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 that will be 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 eight countries will meet on 1 March 2026.
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Earlier:
2025, December, 2, 19:35:00
OPEC+ WILL SUSPEND
The eight participating countries reiterated that the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner.
2025, October, 8, 06:50:00
OPEC+ PRODUCTION ADJUSTMENT 137 TBD
In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023.
2025, October, 3, 06:50:00
OPEC + OVERALL CONFORMITY
The Committee also reaffirmed that it will continue to monitor adherence to the production adjustments decided upon at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 5 December 2024, and the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries as agreed upon in the 52nd JMMC held on 1 February 2024.
2025, August, 5, 06:50:00
OPEC+: MARKET STABILITY
The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.
2025, July, 30, 06:50:00
OPEC+ RUSSIA: OVERALL CONFIRMITY
The Committee reiterated the critical importance of achieving full conformity and compensation, and requested countries that did not achieve full conformity to submit updated compensation plans to the OPEC Secretariat by 18 August 2025.
2025, February, 7, 06:50:00
OPEC + RUSSIA: HIGH CONFORMITY
The JMMC reviewed the crude oil production data for the months of November and December 2024 and noted the high overall conformity for OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC). The improved conformity further reaffirms the DoC countries’ shared objectives of unity and cohesion.
2024, November, 5, 06:55:00
OPEC OIL PRODUCTION UP
Supplies from the Organization of Petroleum Exporting Countries increased by 370,000 barrels a day to 29.9 million a day in October, according to a Bloomberg survey. The gain was tempered by reductions in Iraq, Iran and Saudi Arabia.