OPEC+ confirmed the decision to keep oil production stable in 2026.

OPEC+ Approves Decision to Maintain Oil Production Levels

In order to ensure a stable global economic outlook, OPEC+ has enabled the decision to keep oil production steady in the first quarter of 2026. With this decision, the commitment of eight key producing countries to market stability has been reaffirmed.

Key Countries Gathered

Members of OPEC+, consisting of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, announced during their online meeting on January 4 that they will maintain the decision made in November 2025 to halt planned production increases for the February-March 2026 period. The main reason behind this decision was stated as seasonal demand conditions.

Market Conditions

In a joint statement, it was emphasized that the low levels of global oil stocks indicate that the market is balanced. In the upcoming period, oil prices are expected to drop by more than 18% in 2025 due to concerns over excess supply as production increases surpass demand. This marks the sharpest annual loss recorded since the pandemic period.

Future Plans and Monitoring Process

OPEC+ announced that the daily 1.65 million barrels of voluntary production cuts could be gradually restored depending on market conditions. Additionally, they stated that they will fully compensate for the excessive production that has occurred since January 2024 and will comply fully with the Cooperation Declaration. This process will be monitored by the Joint Ministerial Monitoring Committee (JMMC).

Monthly Meetings Will Continue

The OPEC+ countries will continue to hold monthly meetings to assess market conditions. The next meeting is scheduled to take place on February 1, 2026.