OPEC+ to suspend oil production increases in the first quarter of 2026

The eight OPEC+ cartel countries - Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman - confirmed at a meeting on Sunday a pause in production target increases for the first quarter of 2026. The cartel is also revising its earlier plan to gradually increase output from April this year, which was intended to help the countries regain market share.

Member countries stressed that the priority is to maintain stability in the global oil market at a time when the outlook for the world economy is stable and oil supplies in the markets are adequate. At the same time, they commit to monitor the market flexibly and, if necessary, can reinstate the suspended 2.2 million barrels per day production cut in part or in full.

A second package of production cuts of 1.65 million barrels per day may gradually return to the market depending on market changes. The next OPEC+ ministerial meeting will be held on June 7, 2026, while representatives of the eight countries will meet on January 4.

(reuters, sie)