The Organization of Petroleum Exporting Countries and its allies (OPEC+) have announced that it will halt its oil output increases in the first quarter (Q1) of 2026, following a slight increase in December.
According to a statement, important OPEC+ members—Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman—met virtually on Sunday. The group decided to increase output by 137,000 barrels per day (bpd) in December, in line with hikes planned for October and November, before halting further increases from January to March of next year.
The group stated that the decision reflected forecasts of a seasonal slowdown in oil demand, which typically declines in the first quarter, and that the pause occurs during a moment of uncertainty for oil dealers.
“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 steadily raised production throughout the year, citing “strong market fundamentals” and declining inventory levels as the basis for its decision.
On March 4, OPEC+ approved a scheduled production increase for April—its first major policy move since 2022—despite renewed appeals from U.S. President Donald Trump urging OPEC and Saudi Arabia to bring down oil prices.
Later, on October 5, the alliance announced another output boost of 137,000 barrels per day to take effect in November 2025, saying the decision was intended to uphold market stability amid sustained global growth and low stock levels.
OPEC+ noted that the adjustment would come from the 1.65 million barrels per day in voluntary cuts introduced in April 2023.
