Riyadh | BETH
February 1, 2026

The eight member countries of OPEC+—Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman—held a virtual meeting on February 1, 2026, to review current oil market conditions and future outlooks.

The participating countries reaffirmed their decision of November 2, 2025, to suspend planned production increases during March 2026, citing seasonal market factors.

They also confirmed that the voluntary cuts totaling 1.65 million barrels per day may be gradually reversed, in part or in full, depending on market conditions.

As part of their continued efforts to support market stability, the eight countries emphasized the importance of adopting a cautious approach while maintaining full flexibility to pause or reverse additional voluntary production adjustments, including the earlier voluntary cuts of 2.2 million barrels per day announced in November 2023.

The countries reiterated their commitment to the Declaration of Cooperation, noting that compliance with voluntary adjustments will be monitored by the Joint Ministerial Monitoring Committee, and reaffirmed their intention to fully compensate for any excess production recorded since January 2024.

They further agreed to hold monthly meetings to monitor market developments, compliance levels, and the implementation of compensation plans, with the next meeting scheduled for March 1, 2026.