OPEC+ agreed to raise oil production by 137,000 barrels per day in December 2025 before pausing output increases for the first quarter of 2026.
The move, announced after a virtual meeting on November 2, reflects a cautious approach by the eight core members amid steady market fundamentals and low global inventories.
The adjustment will be drawn from the 1.65 million barrels per day of additional voluntary cuts announced in April 2023. After December, production increments will be paused in January, February, and March 2026 “due to seasonality,” according to the group’s statement.
The decision follows recent US sanctions, with Russia reportedly leading the call for a temporary halt to output hikes.
The eight producers reiterated that the 1.65 million barrels per day in voluntary curbs could be gradually returned “in part or in full” depending on evolving market conditions. They emphasized flexibility to pause or reverse any of the previous voluntary adjustments, including the 2.2 million barrels per day cut announced in November 2023.
OPEC+ said the decision allows participating countries to accelerate compensation for past overproduction. The group reaffirmed its commitment to full compliance under the Declaration of Cooperation, with monitoring to continue through the Joint Ministerial Monitoring Committee.
Members also pledged to fully offset any overproduced volumes since January 2024.
The countries will hold monthly meetings to track market conditions and conformity, with the next full gathering scheduled for November 30, 2025.
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