The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, say they will suspend planned oil output increases in the first quarter of 2026 due to weaker global demand and market uncertainty.
The decision followed a virtual meeting on Sunday involving major producers, including Saudi Arabia, Russia, Iraq, the UAE, and Kuwait. The group agreed to proceed with a modest output increase of 137,000 barrels per day in December before pausing further hikes between January and March.
In a statement, OPEC+ said the move reflects expectations of slower demand during the first quarter and reaffirmed its commitment to a cautious and flexible approach to stabilising oil markets. The countries also maintained the option to restore part or all of the 1.65 million barrels per day previously cut, depending on market conditions.
Also Read: Nigeria Urges Local Oil Firms to Boost Output Amid Production Shortfall
OPEC+ has raised output several times this year, citing strong fundamentals and low inventory levels. The group said it would continue to monitor the market closely to ensure balance amid global economic and geopolitical uncertainties.
Leave feedback about this
You must be logged in to post a comment.