The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) has announced it will halt oil output increases during the first quarter (Q1) of 2026, following a modest hike in December.
In a statement issued after a virtual meeting held on Sunday, key OPEC+ members — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — confirmed an agreement to raise production by 137,000 barrels per day (bpd) in December. This aligns with the planned increases for October and November. However, further hikes will be suspended from January through March 2026.
The alliance explained that the decision reflects projections of a seasonal dip in oil demand typically observed in the first quarter, adding that the move also responds to current market uncertainties.
“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.”
OPEC+ noted that its production increases throughout the year were based on “healthy market fundamentals” and relatively low global inventory levels.
Earlier in the year, on March 4, the group had moved forward with its first major output hike since 2022, scheduled for April, after calls from U.S. President Donald Trump urging OPEC and Saudi Arabia to reduce oil prices.
Subsequently, on October 5, OPEC+ approved another increase of 137,000 bpd beginning in November 2025, a measure aimed at sustaining market balance amid stable global growth and tight supply levels.
The group clarified that these adjustments are linked to the 1.65 million bpd voluntary production cut originally announced in April 2023.