Algiers – The OPEC+ alliance has agreed to maintain its current oil production levels and defer planned output increases until at least March 2026, following its 40th ministerial meeting held Sunday. The group reaffirmed its commitment to oil market stability, opting to hold steady the production quotas agreed upon until the end of 2025.
The meeting saw member nations, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, reiterate their collective dedication to supporting a stable oil market. This commitment is underpinned by improving market fundamentals and declining global inventory levels. The next ministerial meeting is scheduled for June 7th.
Participants affirmed the decision made in early November to implement a collective production increase of 137,000 barrels per day for December. However, the alliance decided to suspend any further increases planned for the period between January and March 2026, citing seasonal factors.
The Joint Ministerial Monitoring Committee (JMMC) has been granted the authority to monitor oil market conditions and production levels, with the option to convene additional meetings as needed. Ministers tasked the OPEC Secretariat with developing implementation programs for the “Charter of Cooperation” ahead of the next ministerial gathering.
The alliance also reaffirmed the JMMC’s mandate to review global oil market conditions, oil production levels, and compliance, assisting the OPEC Secretariat. The JMMC will convene every two months to assess the situation. The decision to postpone the production increase reflects a cautious approach, balancing the need to supply global markets with concerns about potential seasonal dips in demand. This move underscores OPEC+’s commitment to proactively managing the oil market and ensuring stability during a period of ongoing global economic uncertainty.
