OPEC+ Plans to Boost Crude Production in December
(MENAFN) OPEC+ members reached an agreement Sunday to boost crude production by 137,000 barrels per day starting in December, marking a strategic shift in the cartel's output strategy.
The production increase was finalized during a virtual summit involving eight key oil-producing nations—Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman—who convened to assess worldwide market dynamics and economic projections, according to an OPEC release.
"In view of a steady global economic outlook and current healthy market fundamentals, as reflected in low oil inventories, the eight participating countries decided to implement a production adjustment of 137,000 barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023. This adjustment will be implemented in December 2025," the cartel stated.
However, the alliance revealed plans to temporarily halt further output increases during the first quarter of 2026 due to seasonal market factors. "Beyond December, due to seasonality, the eight countries also decided to pause the production increments in January, February and March 2026," OPEC confirmed.
The broader voluntary production cuts of 1.65 million bpd were initially rolled out in April 2023, with extensions pushing the timeline through the end of 2026. OPEC emphasized that the restoration of these barrels remains flexible, with the cartel prepared to adjust "in part or in full, depending on market conditions and in a gradual manner."
The eight-nation coalition is scheduled to reconvene Nov. 30 to determine subsequent policy measures.
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