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 decline was due to lower crude prices and a stronger rouble. Oil and gas revenues are crucial for Russia's state budget, which ran a deficit of 5.6 trillion roubles or 2.6% of gross domestic product in 2025.

Brent fell 12 cents, or 0.2%, to $63.05 a barrel. WTI was down 7 cents, or 0.1%, to stand at $59.25 a barrel.

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.

Front-month futures on the Dutch Title Transfer Facility (TTF) are trading at the lowest for more than 18 months around €29 per megawatt hour down from more than €58 at one point in February.

Speaking to journalists, Putin said he "hoped" the latest US sanctions on Russia's oil sector -- targeting Rosneft and Lukoil directly -- wouldn't unduly impact the market, but warned removing Russian oil was likely to push up prices, saying he had "discussed this with my American colleagues."

Brent rose 22 cents, or 0.4%, to $63.54 a barrel , WTI was at $59.71 a barrel, up 22 cents, or 0.4%.

Brent rose 22 cents, or 0.4%, to $63.54 a barrel , WTI was at $59.71 a barrel, up 22 cents, or 0.4%.

The EIA said in a statement that it expects oil production growth to be led by countries outside of OPEC+. Production in South America has been the leading source of growth as new offshore vessels have started up ahead of schedule in Brazil and Guyana this year, the outlook said.

The Organization of the Petroleum Exporting Countries and its allies, led by Russia, a group known as OPEC+, have been unwinding previously agreed oil production cuts to regain market share from rivals such as U.S. shale producers.

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.

Companies are free to decide how they want to organise their production processes in accordance with the specifications of the energy sources used (electricity, low-carbon hydrogen, biomass) but selected projects will be required to achieve binding milestones for emission reduction (60% from the third year onwards, 90% in the last year of the term of the contracts).

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.

In May 2021, Fatih Birol, Executive Director of the IEA, told The Guardian, “If governments are serious about the climate crisis, there can be no new investments in oil, gas and coal, from now – from this year.”

Brent were up 27 cents, or 0.40%, to $67.11 a barrel, WTI rose 29 cents, or 0.46%, to $63 a barrel.