Iraq took part by video link in a meeting of OPEC+ countries to review the global oil market and production outlook. After the discussion, the group confirmed it will stick with its current production policy in early 2026.
In a full statement, OPEC said that Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman all agreed that oil market fundamentals remain healthy. They pointed to low global oil inventories and a steady global economic outlook as key reasons for maintaining stability.
The eight countries met virtually on January 4, 2026, to assess market conditions. They reaffirmed an earlier decision made on November 2, 2025, to pause production increases in February and March 2026, mainly due to seasonal demand patterns.
OPEC+ also said the previously announced 1.65 million barrels per day in voluntary production cuts could be brought back gradually, either partially or fully, depending on how market conditions evolve. The group stressed it will stay cautious and flexible, and it may continue, pause, or even reverse cuts if needed to support market stability.
The countries also renewed their commitment to fully comply with the Declaration of Cooperation, including all voluntary cuts. Any excess production since January 2024, they said, will be fully compensated. Compliance will continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC).
OPEC+ confirmed it will hold monthly meetings to review market conditions, production compliance, and compensation plans. The next meeting is scheduled for February 1, 2026.
Overall, the message was clear: OPEC+ is choosing caution, coordination, and flexibility as it moves into the early months of 2026.
