OPEC+ Reaffirms Total Crude Oil Production Levels Through December 2026

The Organization of the Petroleum Exporting Countries (OPEC) and its allies in the OPEC+ coalition announced on Sunday that they have reaffirmed the total crude oil production levels for OPEC and non-OPEC member states as outlined in the 38th OPEC and non-OPEC Ministerial Meeting, extending the agreement through 31 December 2026.

In a statement, OPEC said the decision comes as part of the group’s continued commitment to maintaining and ensuring stability in the global oil market. Participating countries reconfirmed the framework of the Declaration of Cooperation, originally signed on 10 December 2016, and subsequently endorsed at later ministerial meetings.

The statement also noted that the Joint Ministerial Monitoring Committee (JMMC) will continue its mandate to review global oil market conditions, production levels, and compliance rates, with support from the OPEC Secretariat. The committee is scheduled to meet every two months.

OPEC+ further reaffirmed the authority of the JMMC to convene additional meetings—or call for a full OPEC and non-OPEC ministerial meeting, whenever market developments require swift action.

The coalition reiterated the crucial importance of full compliance with production agreements, including adherence to compensation mechanisms for overproduction.

In addition, the statement confirmed the continued implementation of the Charter of Cooperation, signed on 2 July 2019, with the OPEC Secretariat tasked with developing a comprehensive plan to translate the charter’s objectives into actionable programs. These plans will be submitted to the 41st OPEC and non-OPEC Ministerial Meeting.

According to OPEC, the 41st ministerial meeting of OPEC and non-OPEC partners is scheduled to take place on 7 June 2026.