OPEC+ stands firm on pausing oil output hikes
Eight members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have agreed to collectively pause production hikes in February and March 2026.
IMAGE: OPEC logo. Getty Images
In November, the eight members decided to pause production hikes in the first quarter of 2026 and reiterated the decision at its recent meeting on 4 January.
The decision to pause the production increase was driven by seasonal factors, OPEC said. The reconfirmation comes at a time when a potential supply glut continues to weigh on Brent futures.
Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman have “reiterated that the 1.65 million barrels per day [1.65 million b/d] may be returned in part or in full subject to evolving market conditions and in a gradual manner,” the group said in a statement.
The group’s de facto leader, Saudi Arabia, is set to produce about 10.1 million b/d of crude oil in both February and March, while its second-largest producer, Russia, will pump around 9.6 million b/d over the same period.
Iraq is expected to produce approximately 4.3 million b/d in both months, and the UAE will pump about 3.4 million b/d in February and March.
The Vienna-headquartered group has reaffirmed the need for “full conformity”, including adherence to voluntary production adjustments and any compensation requirements.
The eight OPEC+ members will next meet on 1 February 2026.
By Aparupa Mazumder
Please get in touch with comments or additional info to news@engine.online
