Riyadh | BETH – March 01, 2026

The eight member countries of the OPEC+ group — Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and the Sultanate of Oman — held a virtual meeting to review developments in the global oil market and its future outlook, amid indicators of global economic stability and improving market fundamentals.

A Measured Production Adjustment

Based on declining oil inventories and stable demand conditions, participating countries agreed to resume the gradual return of the voluntary production cuts amounting to 1.65 million barrels per day, originally announced in April 2023.

The countries agreed to:

  Increase production by 206,000 barrels per day
  Implement the adjustment starting April 2026

while emphasizing that the return of volumes will proceed gradually and flexibly in line with global oil market developments.

Full Flexibility to Protect Market Balance

The eight countries reaffirmed their commitment to maintaining a cautious approach that allows for:

Increasing or pausing production when necessary,

Reversing output increases if market conditions change,

Preserving price stability and balance between supply and demand.

This also includes the possibility of reinstating the additional voluntary cuts of 2.2 million barrels per day, announced in November 2023, should market conditions require.

Commitment to Compensation and Monthly Monitoring

The participating countries renewed their full commitment to the OPEC+ Declaration of Cooperation, confirming:

Full compensation for excess production since January 2024,

Continued compliance monitoring through the Joint Ministerial Monitoring Committee,

Holding monthly meetings to review market conditions.

The next meeting is scheduled for April 5, 2026.

BETH Commentary | Managing the Market, Not Reacting to It

The decision reflects OPEC+’s transition from a production-cut policy toward dynamic market management, based on gradually restoring supply without disrupting price balance.

The alliance is no longer responding to short-term fluctuations, but rather managing the global economic cycle, using production flexibility as a strategic tool to stabilize energy markets.