Eight OPEC+ Nations to Halt Production Increases for Early 2026

Vienna: Eight OPEC+ countries, which announced voluntary production adjustments earlier, have agreed to pause production increments for January, February, and March 2026. The countries, including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, convened virtually on 2 November 2025 to assess global market conditions and future outlooks. According to Emirates News Agency, the decision follows a stable global economic outlook and robust market fundamentals, as indicated by low oil inventories. The participating countries will implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023. This change will take effect in December 2025. Looking beyond December, the eight countries have decided to pause production increments due to seasonal factors. They emphasized that the 1.65 million barrels per day could be restored partially or fully, depending on market conditions, and reiterated their c ommitment to a cautious approach, maintaining flexibility to pause or reverse the production adjustments as needed. The countries highlighted that this measure would enable them to expedite compensation and stressed their commitment to achieving full conformity with the Declaration of Cooperation. This includes the additional voluntary production adjustments, monitored by the Joint Ministerial Monitoring Committee (JMMC). The participating nations also expressed their intent to fully compensate for any overproduction since January 2024. They plan to hold monthly meetings to review market conditions, conformity, and compensation, with the next meeting scheduled for 30 November 2025.