Eight members of OPEC, allies reaffirm pause on oil output hikes in Mar
This story was originally published at 08:45 IST on 2 February 2026
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MUMBAI – Eight member countries of the Organization of the Petroleum Countries and its allies have reaffirmed their decision made in November to pause production increments in March 2026 due to seasonality. The eight countries — Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakistan, Algeria, and Oman — reiterated that the 1.65 million barrels per day may be returned in part or in full, subject to evolving market conditions and in a gradual manner, OPEC said in a press release on Sunday.
At its meeting on Nov. 2, the eight member countries of the organisation had decided to pause production increments for Jan-Mar 2026.
The countries will closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reversing the additional voluntary production adjustment, including the previously implemented voluntary adjustment of 2.2 million barrels per day announced in November 2023.
These countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the joint ministerial monitoring committee, they said.
They also confirmed their intention to fully compensate for any overproduced volume since January 2024, the organisation said. The eight counties will meet again on Mar. 1, they said.
The following table shows the required production by each of the eight member nations in thousand barrels per day:
Country | Required production in Feb (kbd) | Required production in Mar (kbd) |
Algeria | 971 | 971 |
Iraq | 4,273 | 4,273 |
Kuwait | 2,580 | 2,580 |
Saudi Arabia | 10,103 | 10,103 |
UAE | 3,411 | 3,411 |
Kazakhstan | 1,569 | 1,569 |
Oman | 811 | 811 |
Russia | 9,574 | 9,574 |
End
Reported by Udita S. Jaiswal
Edited by Avishek Dutta
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