OPEC+ Eight to Maintain Oil Output Levels Through March 2026

The Organization of the Petroleum Exporting Countries (OPEC) announced on 4 January that eight major oil-producing countries within OPEC and non-OPEC have agreed to maintain the production plan set in early November 2025, extending the suspension of output increases through February and March 2026.

According to the statement, representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman held an online meeting on the same day to assess conditions and prospects in the global oil market. Citing seasonal factors, the group decided to pause the pace of production increases in February and March 2026, keeping output levels unchanged from those recorded in December 2025 and January 2026.

OPEC noted that, in order to safeguard oil market stability, the eight countries will retain flexibility to adjust the pace of future production increases in line with market developments.

The statement also reviewed the background to the current policy. In April 2023, the eight nations announced voluntary production cuts totaling about 1.65 million barrels per day (bpd), followed by an additional voluntary reduction of 2.2 million bpd in November 2023. These measures have been extended several times. Over the same period, rising crude output from producers such as the United States and Canada resulted in OPEC losing market share.

In March 2025, the eight countries agreed to begin a gradual increase in crude oil production starting 1 April 2025. Under that plan, output was scheduled to rise by 411,000 bpd in May, June and July; by 548,000 bpd in August; by 547,000 bpd in September; and by 137,000 bpd in October, November and December.

In a subsequent statement issued in November 2025, OPEC confirmed that the eight nations had decided to suspend production increases in January, February and March 2026, maintaining output at December 2025 levels — a policy now reaffirmed for the February–March period.