Organization of the Petroleum Exporting Countries and allied producers (OPEC+)

The Organization of the Petroleum Exporting Countries and allied producers (OPEC+) has agreed in principle to maintain steady oil output, deciding not to increase production levels for the early part of 2026 despite rising political tensions and widening geopolitical uncertainty.

Eight Key Producers Hold Course
The decision was taken during a virtual meeting involving eight major OPEC+ members — Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman — who together account for roughly half of the world’s oil output.

Political Strains, Market Realities
The decision came against a backdrop of political strain among member states and global uncertainty, but OPEC+ chose to prioritise economic fundamentals.

About OPEC and OPEC+

• The Organization of the Petroleum Exporting Countries (OPEC) was established in 1960 by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela to coordinate petroleum policies among oil-producing nations; it has since expanded to 13 members.
• In 2016, in response to sharply falling oil prices driven largely by increased U.S. shale oil output, OPEC signed an agreement with 10 non-OPEC producers — including Russia, Azerbaijan, Kazakhstan, Bahrain, Brunei, Malaysia, Mexico, Oman, South Sudan and Sudan — forming the broader alliance known as OPEC+.