Eight OPEC+ Producers Suspend March Oil Output Rise to Ensure Market Stability
Eight key OPEC+ oil producers have suspended planned production increases for March 2026, reaffirming their commitment to market stability after a virtual meeting on February 1. The group cited a steady global economic outlook, positive fundamentals and declining inventories, while stating that 1.65 million barrels per day in voluntary cuts may be restored gradually if conditions allow, according to a joint statement.
The statement distributed via the Saudi Press Agency and carried by Qatar News Agency identified the eight countries as Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. These nations had gathered via videoconference to examine recent oil market trends and future prospects. They emphasized adopting a cautious stance while preserving the ability to modify voluntary production adjustments, which include an additional 2.2 million barrels per day from November 2023, as needed to support stability. The participants also reviewed prospects for the global economy that they described as steady.
According to the joint statement, the producers reaffirmed adherence to the Declaration of Cooperation along with the supplementary voluntary measures that the Joint Ministerial Monitoring Committee will oversee. The group pledged to compensate in full for overproduction dating back to January 2024. Monthly gatherings will track market developments, adherence levels and compensation schedules, with the subsequent session slated for March 1, 2026. The eight countries confirmed their intention to maintain full flexibility in response to market shifts.
OPEC figures show projected demand growth for petroleum liquids of 1.4 million barrels per day in 2026. The organization’s February 2026 monthly report ties this expansion to broader economic steadiness that aligns with the producers’ positive market evaluation. Declining inventories have signaled a well-supplied yet balanced market environment throughout the period leading to the February meeting, OPEC data indicates.
The decision extends pauses implemented for earlier months in the first quarter, as outlined in the November 2025 agreement, a Saudi Press Agency report said. Producers will assess conditions continuously to determine the pace of any potential output recovery. A Reuters compilation of OPEC+ data indicates that combined production cuts have remained near 5.3 million barrels per day in recent assessments.
The eight countries intend to maintain close coordination on these matters through the established monitoring framework. This includes evaluating compliance with agreed levels and adjusting plans accordingly based on observed data. The virtual format of the February 1 meeting allowed for timely review of global oil market developments without physical assembly.
