According to the statement, the decision followed a virtual meeting of OPEC+ member states, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which reviewed global oil market conditions and the broader economic outlook, News.Az reports.
The eight OPEC+ countries had been increasing oil production on a monthly basis since April 2025. However, in late November last year they agreed to suspend those increases during the first three months of 2026, citing seasonal factors affecting demand.
According to the statement, the group will maintain a cautious stance and preserve full flexibility to adjust production levels if market conditions change.
OPEC added that the eight countries are scheduled to meet again on March 1 to take further decisions on output policy.
