By Alexander Miller, consultant in energy markets. Eurasia Business News, January 4, 2026. Article n°1967.
Ministers of eight OPEC+ countries have maintained plans to freeze the oil production limit in the first quarter at the level of December 2025, according to the OPEC communiqué following the meeting.
OPEC+ confirmed on Sunday that it will keep oil production steady through the first quarter of 2026, as eight key producers reaffirmed their commitment to market stability amid a steady global economic outlook and what they described as healthy oil market fundamentals.
Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met virtually on January 4 to review global market conditions and outlook. The group reiterated its decision, first announced on November 2, 2025, to pause planned production increases in February and March 2026, citing seasonal demand patterns.
In early November, the ministers of eight OPEC+ countries agreed to increase oil production quotas in December by 137 thousand barrels per day (bpd). The oil production quota of Russia in the first quarter of 2026 is 9.57 million bpd, Saudi Arabia – 10.103 million bpd, Iraq – 4.273 million bpd, UAE – 3.411 million bpd, Kuwait – 2.580 million bpd, Kazakhstan – 1.569 million bpd, Algeria – 971 thousand bpd, Oman – 811 thousand bpd, excluding the compensation schedule.
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The eight OPEC+ countries agreed to continue holding monthly meetings to assess market conditions, compliance levels, and compensation progress. Their next meeting is scheduled for February 1, 2026.
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© Copyright 2025 – Eurasia Business News. Article no. 1967
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