ALGIERS - Algeria and seven other member states of the OPEC+ alliance reaffirmed on Sunday their decision to suspend the phased increases in petroleum production throughout the first quarter of the current year.
The decision was announced during a virtual ministerial meeting of the eight OPEC+ countries that have been making voluntary production cuts since April 2023: Algeria, Saudi Arabia, the UAE, Iraq, Kazakhstan, Kuwait, Oman, and Russia.
This coordination meeting, held in the presence of the Minister of State, Minister of Hydrocarbons and Mines, Mohamed Arkab, is part of the regular monitoring of the global petroleum market situation.
The ministers conducted "an in-depth exchange on the short-term prospects of the oil market, amid an international economic context characterized by a state of uncertainty and seasonally moderate demand levels," according to a statement from the ministry.
On this occasion, Arkab stressed "the importance of greater vigilance and strengthening close coordination, both within the group of eight countries and with all countries participating in the Declaration of Cooperation."
He also reaffirmed Algeria's commitment to the joint decisions, calling them "consistent and appropriate for current market conditions," while stressing the need to "maintain the effectiveness and credibility of the cooperation framework," the statement said.
For its part, OPEC issued a statement on its website, confirming the eight-country group's commitment to market stability "in light of stable global economic forecasts and sound market fundamentals, as reflected in declining inventory levels."
These countries will continue to closely monitor market conditions, reaffirming "the importance of adopting a cautious approach and maintaining full flexibility," according to the same source.
The eight nations affirmed their collective commitment to "full" compliance with the Declaration of Cooperation, including the additional voluntary production adjustments to be monitored by the Joint Ministerial Monitoring Committee (JMMC), while emphasizing the necessity of fully compensating for any excess production volumes since January 2024, according to the OPEC statement.
The countries had started ramping up production collectively in April 2025 to return to pre-cut levels.
But last November, they decided to freeze the planned increases for the first quarter of 2026 because of "uncertainty in the global economy." Ministers from the eight OPEC+ member countries will meet again on February 1 to monitor the market situation.
