OPEC plus keep production quotas until late March

The eight OPEC+ nations have agreed to pause production increments in March 2026 and keep oil production quotas at the December 2025 level, OPEC said after the meeting.

"The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023," the statement reads.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 1 February 2026, to review global market conditions and outlook.

"The eight participating countries reaffirmed their decision on 2 November 2025 to pause production increments in March 2026 due to seasonality," the statement reads.

The OPEC+ nations reiterated that the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner. 

As follows from the OPEC table, Russia’s quota for March 2026 stands at 9.574 mln barrels a day, Saudi Arabia’s - 10.103 mln barrels a day, Iraq’s - 4.273 mln barrels a day, the United Arab Emirates’ - 3.411 mln barrels a day, Kuwait’s - 2.580 miln barrels a day, Kazakhstan’s - 1.569 mln barrels a day, Algeria’s - 971,000 barrels a day, and Oman’s - 811,000 barrels a day.

The Next OPEC+ meeting will be held on March 1, 2026.