Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman have agreed to adjust their oil production while reaffirming their commitment to maintaining global oil market stability.
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The secretary-general of the Organization of the Petroleum Exporting Countries (OPEC) extended condolences to Iran over the funeral of the Martyred Leader, Ayatollah Ali Khamenei.
Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in July, OPEC said in a statement after a meeting on Sunday.
The 64th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Sunday, February 1, 2026.
OPEC+ is likely to keep its pause on oil output increases for March when it meets on Sunday, five delegates told Reuters, even as crude climbs above $70 a barrel on concern the U.S. could launch a military strike on OPEC member Iran.
Iran’s crude oil production edged down marginally in December 2025 even as overall output by the Organization of the Petroleum Exporting Countries (OPEC) increased, according to the group’s latest monthly report.
Daily crude oil production by OPEC member countries rose by 105,000 barrels in the final month of 2025, reaching 28.564 million barrels per day in December, according to the organization’s latest report.
In 2025, China has supplanted OPEC+ as the key oil price setter by using its import and storage strategy to enforce both a floor and a ceiling on crude prices.
OPEC’s crude oil production fell by 1,000 barrels per day in November, reaching 28.48 million barrels per day, according to the organization’s latest monthly report issued in December 2025.
Today is the ninth anniversary of the OPEC+ Declaration of Cooperation, signed in Vienna on December 10, 2016, which reshaped global energy markets through unprecedented collaboration between OPEC and non-OPEC producers.
Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed commitment to market stability on steady global economic outlook and current healthy oil market fundamentals as reflected in low inventories.
OPEC+ plans to halt production hikes in early 2026, scaling back market-share ambitions amid looming oversupply risks.
OPEC+ is set to agree on Sunday on another modest increase in oil output targets, three sources familiar with the talks said, as the producers' group moderates plans to regain market share due to rising supply glut fears.
Iraq has increased oil exports following the gradual unwinding of voluntary production cuts under an OPEC+ agreement, the country's state oil marketer SOMO said on Sunday.
Iran’s oil production fell slightly in July as output continued to suffer from the impacts of a war of aggression the country fought with the Israeli regime in June, and despite a general rise in production by members of the Organization of the Petroleum Exporting Countries (OPEC).
The 61st meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) was held via video conference with the oil minister as the 2025 OPEC Conference president in attendance.
In 2024, Iran had the highest oil revenue growth in OPEC at nearly 14%, while overall OPEC oil export earnings fell by 4%, largely due to revenue drops in Saudi Arabia and Kuwait.
By 2050, global energy demand is expected to rise by 23% due to changing lifestyles and a 20% increase in urbanization rates.
With a refining capacity of 2.237 million barrels per day, Iran holds a 16% share of OPEC’s total refining capacity, making it the second-largest refiner among the organization’s member countries. Iran also accounts for 2.1% of global refining capacity.
OPEC+ agreed to increase production by 548,000 barrels per day in August, marking the first meeting since oil prices surged and then retreated following attacks on Iran.