OPEC+ to suspend production increase in Q1/2026

VTV.vn - OPEC+ decided to slightly increase production by 137,000 barrels/day in December 2025, then temporarily suspend adjustments in the first quarter of 2026 to assess developments in the oil market.

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On November 2, the Organization of the Petroleum Exporting Countries (OPEC) announced that eight members of OPEC+, including OPEC and allied oil-producing countries, will increase their oil production quota by 137,000 barrels per day in December 2025, but will then stop increasing production in the first quarter of 2026.

"Given the stable 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 additional voluntary adjustment of 1.65 million barrels per day announced in April 2023," OPEC said in a statement. The adjustment will be implemented next December.

Specifically, Russia and Saudi Arabia will increase oil 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 will increase by 7,000 barrels per day to 1.569 million barrels; the United Arab Emirates (UAE) will increase by 12,000 barrels per day to 3.411 million barrels; Kuwait will increase by 10,000 barrels per day to 2.58 million barrels; Algeria will increase by 4,000 barrels per day to 971,000 barrels; and Oman will increase by 4,000 barrels per day to 811,000 barrels, according to OPEC data.

However, the figures do not take into account the production cuts that the eight countries have to make each month. If the cuts are taken into account, the group could have increased its actual production by about 101,000 barrels per day in December.

OPEC also said that countries will pause increasing oil production 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.

Oil prices rose in the first trading session of the week (November 3) in Asia, after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, decided to postpone increasing production in the first quarter of next year, easing concerns about oversupply.

At 6:36 a.m. Vietnam time, North Sea Brent crude oil price increased by 47 US cents, or 0.73%, to 65.24 USD/barrel, while US light sweet crude oil (WTI) price also increased by 45 US cents, or 0.74%, to 61.43 USD/barrel.

Source: https://vtv.vn/opec-tam-dung-tang-san-luong-trong-quy-i-2026-100251103090945163.htm