OPEC+ Eight Approve Another 137,000-Barrel December Increase, Plan First-Quarter Pause

Overview

• Eight OPEC+ countries agreed to lift their collective production ceiling by 137,000 barrels per day for December versus November, according to an OPEC statement.
• The group said it will halt further production growth in January through March 2026 due to seasonal factors.
• The step follows identical 137,000 b/d additions for October and November after the subgroup fully unwound 2.2 million b/d of voluntary cuts in September.
• December reference levels, excluding compensation adjustments, allow Russia and Saudi Arabia to add 41,000 b/d each, Iraq +18,000, the UAE +12,000, Kuwait +10,000, Kazakhstan +7,000, Oman +4,000 and Algeria +4,000.
• OPEC noted these figures do not account for required compensation for past overproduction, meaning actual output may remain below the new ceilings.