Overview
- Eight producers — Saudi Arabia, Russia, the UAE, Iraq, Kuwait, Kazakhstan, Algeria and Oman — reaffirmed the pause on planned increases through March.
- The group said 1.65 million barrels per day of voluntary cuts can be returned gradually, in part or in full, depending on market conditions.
- Delegates reported no policy response to the U.S. capture of Venezuela’s President Nicolás Maduro, noting any significant output gains there would take years.
- Tensions between Saudi Arabia and the UAE over Yemen, plus broader geopolitical strains, did not alter the near‑term supply stance.
- OPEC+ will reassess conditions at its next review on February 1, with compliance tracked by the Joint Ministerial Monitoring Committee after a 2025 price drop of more than 18%.