Algerian Radio
Algeria and seven other OPEC+ countries reaffirmed on Sunday their decision to suspend gradual production increases during the first quarter of the current year, 2026.
This decision was reached during a ministerial meeting held via videoconference, bringing together the eight OPEC+ countries (Organization of the Petroleum Exporting Countries and their non-member allies) that implemented voluntary production cuts in April 2023: Algeria, Saudi Arabia, the United Arab Emirates, Iraq, Kazakhstan, Kuwait, Oman, and Russia.
This coordination meeting, attended by the Minister of State and Minister of Hydrocarbons and Mines, Mohamed Arkab, falls within the framework of regular monitoring of the global oil market situation.
On this occasion, the ministers engaged in "an in-depth exchange on the short-term outlook for the oil market, in an international economic context marked by high uncertainty and seasonally moderate demand," according to a press release from the Ministry of Hydrocarbons and Mines.
In this regard, Mr. Arkab emphasized "the importance of increased vigilance and close coordination, both within the group of eight and with all countries participating in the Declaration of Cooperation."
He also reaffirmed "Algeria's commitment to the collective decisions adopted, deemed consistent and appropriate regarding current market conditions," while insisting on "the need to preserve the efficiency and credibility of the cooperation mechanism."
For its part, OPEC published a statement on its website confirming the commitment of the group of eight countries to maintaining market stability "amid stable global economic prospects and healthy market fundamentals, as evidenced by the decline in stocks."
These countries will continue to closely monitor and evaluate the market situation, reaffirming "the importance of adopting a prudent approach and maintaining full flexibility," according to the same source.
The eight countries also reiterated their collective commitment to ensure "full conformity" with the Declaration of Cooperation, including for additional voluntary production adjustments which will be supervised by the Joint Ministerial Monitoring Committee (JMMC), while highlighting the need to fully compensate for any excess production volumes since January 2024, according to the OPEC statement.
The group of eight countries had proceeded, in April 2025, with a collective gradual increase in production to return to levels recorded before the voluntary cuts. However, during its meeting last November, it decided to freeze the progressive production hikes for the period from January 1 to March 31, 2026, due to "global economic uncertainty."
The ministers of the group of eight OPEC+ member countries will meet again on February 1 to monitor market developments.
