The main crude oil oil producers of the OPEC+ alliance OPEC+ alliance decided to extend oil production cuts in March 2026, based on solid market fundamentals and a favorable global economic context.
During a virtual meeting held on February 1, 2026, Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed the pause in increases of oil extraction. This decision maintains the line established in November 2025, when it was anticipated that seasonality would affect market behavior in the first quarter of the year.
Constant monitoring and oil production cuts
The energy bloc maintained that the additional voluntary adjustments, totaling 2.2 million barrels per day from November 2023, will continue to apply. However, they left the door open to a possible partial or total resumption of such offer, conditioned to market evolution.
Likewise, the commitment to fully comply with the production levels established in the Declaration of Cooperation was reiterated, as well as to compensate for any excess production recorded since January 2024. Compliance will continue to be monitored by the Joint Ministerial Monitoring Committee (JMCMC).
Stable outlook, low inventories and supply control
The decision is based on a combination of factors: global reserves below historical averages, expectations of a recovering world economy and a recovering oil market. oil market market showing signs of equilibrium. This situation encourages OPEC+ to maintain its strategic focus, avoiding hasty actions that could destabilize prices or generate oversupply.
In addition, it was confirmed that the signatory countries will meet monthly to assess market conditions, adjust their production strategy if necessary and ensure alignment between supply and demand.
Cautious approach to preserve stability
OPEC+ emphasized that its priority is to sustain market stability through data-driven technical decisions. Although the possibility of easing cuts remains on the table, any changes will be made gradually and responsibly, keeping a close eye on consumption indicators, inventories and geopolitical tensions.
The group’s next meeting is scheduled for March 1, 2026, where compliance levels and the outlook for the global energy market will be reviewed again.
Source: OPEC+
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