05.01.2026, 12:29
The next meeting of the eight OPEC+ countries will be held on February 1
Source: OREANDA-NEWS
OREANDA-NEWS The next meeting of the group of eight OPEC+ member countries, which adopted additional voluntary adjustments to oil production in April and November 2023, will be held on February 1.
"The eight OPEC+ countries have agreed to hold monthly meetings to analyze market conditions, compliance, and compensation. The next meeting will be held on February 1, 2026," reads a statement posted on the Russian government's website on Sunday.
At a meeting held on Sunday by Russian Deputy Prime Minister Alexander Novak as co-chairman, "Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman reaffirmed their commitment to market stability against the backdrop of stable global economic prospects and current healthy fundamentals of the oil market, which is reflected in low reserves," it said. in the message.
"The eight participating countries emphasized that 1.65 million barrels per day could be partially or fully recovered, depending on changing market conditions. The countries will continue to closely monitor the situation. As part of ongoing efforts to support market stability, they reaffirmed the importance of a cautious approach and remaining flexible to continue suspending or canceling additional voluntary production adjustments, including previously introduced voluntary adjustments of 2.2 million barrels per day announced in November 2023," the statement said.
It emphasizes that the eight OPEC+ member countries confirmed their decision on November 2, 2025 to suspend production increases in February and March 2026 due to seasonality.
"The parties to the deal confirmed their collective commitment to achieving full compliance with the Declaration of Cooperation, including additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee, as well as their intention to fully compensate for any over-produced volume from January 2024," the statement said.
"The eight OPEC+ countries have agreed to hold monthly meetings to analyze market conditions, compliance, and compensation. The next meeting will be held on February 1, 2026," reads a statement posted on the Russian government's website on Sunday.
At a meeting held on Sunday by Russian Deputy Prime Minister Alexander Novak as co-chairman, "Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman reaffirmed their commitment to market stability against the backdrop of stable global economic prospects and current healthy fundamentals of the oil market, which is reflected in low reserves," it said. in the message.
"The eight participating countries emphasized that 1.65 million barrels per day could be partially or fully recovered, depending on changing market conditions. The countries will continue to closely monitor the situation. As part of ongoing efforts to support market stability, they reaffirmed the importance of a cautious approach and remaining flexible to continue suspending or canceling additional voluntary production adjustments, including previously introduced voluntary adjustments of 2.2 million barrels per day announced in November 2023," the statement said.
It emphasizes that the eight OPEC+ member countries confirmed their decision on November 2, 2025 to suspend production increases in February and March 2026 due to seasonality.
"The parties to the deal confirmed their collective commitment to achieving full compliance with the Declaration of Cooperation, including additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee, as well as their intention to fully compensate for any over-produced volume from January 2024," the statement said.
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