OPEC+ agrees to suspend production increase in the first quarter of 2026

On November 2, the Organization of the Petroleum Exporting Countries (OPEC) announced that eight members of the OPEC+ group, including Russia and Saudi Arabia, will increase their oil production quota by 137,000 barrels per day in December, but will then stop increasing production in the first quarter of 2026.

An oil facility of Saudi Arabia's national oil company Aramco. (Source: globalenergyprize.org/TTXVN)

Statement of OPEC "Given the stable global economic outlook and the current healthy market fundamentals, as reflected in low oil inventories, the eight participating countries have decided to implement a production adjustment of 137,000 barrels per day from the additional voluntary adjustment of 1.65 million barrels per day announced in April 2023," the statement said. The adjustment will be implemented next December.

Specifically, Russia and Saudi Arabia will increase production by 41,000 barrels per day to 9.574 million barrels and 10.103 million barrels per day, respectively. Meanwhile, Iraq will increase production by 18,000 barrels per day to 4.273 million barrels; Kazakhstan by 7,000 barrels per day to 1.569 million barrels; the UAE by 12,000 barrels per day to 3.411 million barrels; Kuwait by 10,000 barrels per day to 2.58 million barrels; Algeria by 4,000 barrels per day to 971,000 barrels; and Oman by 4,000 barrels per day to 811,000 barrels, according to OPEC data.

However, the figures do not take into account the offset of excess production, for which the eight countries have to cut production each month. If offsets are taken into account, the group of eight countries could increase actual production by about 101,000 barrels per day in December.

OPEC also said that countries will pause production increases in the first quarter of 2026 due to seasonal trends. OPEC added that it will hold monthly meetings to review market conditions. The next OPEC meeting is scheduled for November 30.

Source: https://baolangson.vn/opec-nhat-tri-tam-dung-tang-san-luong-trong-quy-i-2026-5063728.html