OPEC+ Lifts December Oil Caps by 137,000 B/D, Pauses Further Increases in Q1 2026

Overview

• Eight producers — including Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Oman and Algeria — received December increases that total 137,000 barrels per day.
• Russia and Saudi Arabia each gain 41,000 b/d in December, with new caps of 9.574 million b/d and 10.103 million b/d respectively, while Iraq rises 18,000 b/d to 4.273 million b/d.
• Accounting for required compensation cuts, the effective December increase is about 101,000 b/d and the allowed aggregate level falls to roughly 32.989 million b/d from a nominal 33.292 million b/d.
• Updated compensation schedules require monthly reductions of 185,000 to 822,000 b/d from October 2025 through June 2026, with the largest burden falling on Kazakhstan.
• The same country caps will apply in January–March 2026 with growth on hold, and the group meets next on November 30 to review market conditions.