Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People's Republic of China – State Council News
Vienna, January 4 (Xinhua) — The Organization of the Petroleum Exporting Countries (OPEC) and its partner countries, known collectively as the OPEC group, have decided to maintain a pause in increasing oil production in February and March due to seasonal factors, OPEC said in a statement on Sunday.
The decision was made following an online meeting of OPEC member countries to assess the current state of the global oil market and economic prospects. The meeting was attended by Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
Beginning in April 2025, these eight OPEC countries increased oil production monthly. However, at the end of November last year, they decided to suspend further increases in January, February, and March 2026, citing seasonal factors.
As the statement shows, countries intend to take a measured approach and exercise full flexibility to adjust production levels as necessary in line with market changes.
The organization said the next meeting of the eight countries to decide on further action will take place on February 1. –0–
Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.