RIYADH: Saudi Arabia and seven other OPEC+ member countries that had previously announced voluntary additional production adjustments in April and November 2023 reaffirmed their decision to suspend production increases during the first three months of 2026 due to seasonal factors.
At a Nov. 30 video meeting, 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.
The participating countries will continue to closely monitor and assess market conditions. As part of their ongoing efforts to support market stability, the eight countries reaffirmed the importance of adopting a cautious approach and 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 Joint Ministerial Monitoring Committee. The countries affirmed their determination to fully compensate for overproduced volumes since January 2024.
