Riyadh, February 01 (QNA) -The OPEC+ group has reaffirmed its commitment to maintaining stability in the oil market, citing a steady outlook for the global economy and positive market fundamentals, as reflected in declining oil inventories.

According to the Saudi Press Agency, the remarks came during a virtual meeting held on Sunday by OPEC+ group, comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, to review current oil market developments and prospects.

The eight countries reiterated their decision of November 2, 2025, to suspend production increases in March 2026 due to seasonal factors.

They also reaffirmed that the voluntary production cuts totaling 1.65 million barrels per day may be gradually returned, in part or in full, depending on market conditions, stressing that participating countries will continue to closely monitor and assess market dynamics.

As part of ongoing efforts to support market stability, the eight countries underscored the importance of adopting a cautious approach and maintaining full flexibility to pause or reverse additional voluntary production adjustments as needed. This includes the previously announced voluntary cuts of 2.2 million barrels per day disclosed in November 2023.

The countries reaffirmed their commitment to the Declaration of Cooperation, including the additional voluntary adjustments, which will be monitored by the Joint Ministerial Monitoring Committee. They also confirmed their intention to fully compensate for any excess production volumes recorded since January 2024.

The eight countries will hold monthly meetings to monitor market developments, compliance levels, and the implementation of compensation plans, with the next meeting scheduled for March 1, 2026. (QNA)