The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) says it will pause its oil output increases during the first quarter (Q1) of 2026 after a modest hike in December.
According to a statement, key OPEC+ members — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — held a virtual meeting on Sunday.
The group agreed to boost output by 137,000 barrels per day (bpd) in December — in line with the hikes planned for October and November — before suspending any further increases from January through March next year.
The group said the decision reflects expectations of a seasonal slowdown in oil demand, which normally weakens in the first quarter, noting that the pause also comes during a period of uncertainty for oil traders.
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“The eight participating countries reiterated that the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner,” the statement reads.
“The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023.”
The oil cartel has consistently increased production this year, basing its decision on “healthy market fundamentals” and low inventory levels.
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On March 4, OPEC+ decided to proceed with a planned output increase in April — its first major decision since 2022 — amid renewed calls from U.S. President Donald Trump for OPEC and Saudi Arabia to lower oil prices.
On October 5, the group agreed to implement another production hike of 137,000 bpd beginning in November 2025, a move it said was aimed at maintaining market stability amid steady global growth and low oil inventories.
OPEC+ had said the adjustment would be drawn from the 1.65 million bpd voluntary production cut announced in April 2023.
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