Iraq’s Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani Al-Sawad, participated via video conference in a meeting of the OPEC+ group, as major producers reaffirmed their commitment to oil market stability amid a steady global economic outlook.
The virtual meeting, held on 4 January, brought together eight OPEC+ countrie including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman to review global market conditions and outlook.
Iraq was represented alongside officials from the State Oil Marketing Organisation (SOMO) and Iraq’s permanent delegation to OPEC.
According to an OPEC statement, the participating countries agreed to pause planned production increases in February and March 2026, citing seasonal demand patterns and current healthy market fundamentals, including low global oil inventories.
The group reiterated that the 1.65 million barrels per day of voluntary production adjustments could be gradually returned, in part or in full, depending on evolving market conditions.
The eight countries also reaffirmed their collective commitment to full compliance with the Declaration of Cooperation, with production conformity monitored by the Joint Ministerial Monitoring Committee (JMMC). They confirmed their intention to fully compensate for any overproduction recorded since January 2024.
OPEC+ said the group will continue to hold monthly meetings to assess market conditions, with the next review scheduled for 1 February 2026.
Source: OPEC
- Published: 5th January, 2026
- Location: Baghdad
- Country: Iraq
- Editor: Nour Ghanem
- Category: Energy
