A press release posted on OPEC’s web site on February 1 revealed that, in a gathering held on Sunday, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman “reaffirmed their choice on 2 November 2025 to pause manufacturing increments in March 2026 on account of seasonality”.
In response to a desk accompanying the assertion, “required manufacturing” in March this 12 months is 10.103 million barrels per day for Saudi Arabia, 9.574 million barrels per day for Russia, 4.273 million barrels per day for Iraq, 3.411 million barrels per day for the UAE, 2.580 million barrels per day for Kuwait, 1.569 million barrels per day for Kazakhstan, 971,000 barrels per day for Algeria, and 811,000 barrels per day for Oman.
The assertion highlighted that the eight OPEC+ nations, “which beforehand introduced extra voluntary changes in April and November 2023”, met nearly on February 1 “to assessment world market circumstances and outlook”. It mentioned the eight collaborating nations “reiterated that the 1.65 million barrels per day could also be returned partially or in full topic to evolving market circumstances and in a gradual method”.
- Advertisement -
“The nations will proceed to carefully monitor and assess market circumstances, and of their steady efforts to help market stability, they reaffirmed the significance of adopting a cautious strategy and retaining full flexibility to proceed pausing or reverse the extra voluntary manufacturing changes, together with the beforehand applied voluntary changes of the two.2 million barrels per day introduced in November 2023,” the assertion mentioned.
“The eight nations reiterated their collective dedication to attain full conformity with the Declaration of Cooperation, together with the extra voluntary manufacturing changes that will likely be monitored by the Joint Ministerial Monitoring Committee,” it added.
“Additionally they confirmed their intention to completely compensate for any overproduced quantity since January 2024,” it continued.
The assertion went on to notice that the eight OPEC+ nations will maintain month-to-month conferences “to assessment market circumstances, conformity, and compensation”, including that the eight nations will meet on March 1.
A separate assertion posted on OPEC’s website on Sunday introduced that the sixty fourth Assembly of the Joint Ministerial Monitoring Committee (JMMC) happened by way of videoconference that day, including that the JMMC reviewed the crude oil manufacturing information for the months of November and December 2025 “and famous the general conformity for OPEC and non-OPEC nations collaborating within the Declaration of Cooperation”.
“The committee reiterated the crucial significance of attaining full conformity and compensation, and reviewed the up to date compensation schedules,” the assertion mentioned.
“The committee additionally reaffirmed that it’s going to proceed to watch adherence to the manufacturing changes determined upon on the thirty eighth OPEC and non-OPEC Ministerial Assembly (ONOMM) held on 5 December 2024, and the extra voluntary manufacturing changes introduced by some collaborating OPEC and non-OPEC nations as agreed upon within the 52nd JMMC held on 1 February 2024,” it added.
“The JMMC retains the authority to convene extra conferences or to request an OPEC and non-OPEC Ministerial Assembly, as established through the thirty eighth ONOMM held on 5 December 2024,” it continued.
The subsequent assembly of the JMMC is scheduled for April 5, in accordance with the assertion.
In one other assertion posted on OPEC’s website on February 2, the OPEC Secretariat introduced that it had acquired up to date compensation plans from Iraq, the United Arab Emirates (UAE), Kazakhstan, and Oman.
A desk accompanying this assertion confirmed that these compensation plans quantity to a complete of 659,000 barrels per day in January 2026, 789,000 barrels per day in February, 665,000 barrels per day in March, 706,000 barrels per day in April, 707,000 barrels per day in Could, and 807,000 barrels per day in June.
“As agreed through the digital assembly held by the eight nations with extra voluntary changes, together with Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman on 4 January 2026, the OPEC Secretariat acquired up to date compensation plans,” the OPEC Secretariat mentioned within the assertion.
To contact the writer, electronic mail andreas.exarheas@rigzone.com
